Binance Removes Five Sanctioned Russian Banks From P2P Trading

• Binance has removed five sanctioned Russian banks from its peer-to-peer (P2P) trading service, according to a report by The Wall Street Journal.
• The news outlet cited a quote from Binance which stated that the company regularly updates its system to meet local and global regulatory standards.
• Binance has reportedly taken action after controversy emerged earlier in the week over whether it was continuing to allow peer-to-peer trades involving the sanctioned Russian banks.

Binance Removes Five Sanctioned Russian Banks from P2P Trading

Binance has removed several sanctioned Russian banks from its peer-to-peer (P2P) trading service, The Wall Street Journal reported on Aug. 25.

Binance Statement

The news outlet cited a quote from Binance, which stated: “We regularly update our systems to ensure compliance with local and global regulatory standards. When gaps are pointed out to us, we seek to address and remediate them as soon as possible… [Payment methods that] do not fit with our compliance policies are not available on our platform.”

Controversy Surrounding the Banks

The report detailed that five banks are no longer available on Binance’s P2P trading due to controversy around those Russian banks emerging earlier in the week, when WSJ claimed that the company continued to allow peer-to-peer trading involving the Russian banks in question.

Regulatory Compliance Policies

Binance appears to have taken action based on their commitment for keeping up with global regulatory standards, ensuring payment methods that don’t fit their compliance policies aren’t available on their platform.

Conclusion

In response to criticism regarding ties with blacklisted Russia banks, Binance has removed them from their P2P trading services in order remain compliant with international regulations.