A Binance spokesperson explained that the global cryptocurrency exchange is considering all options for Russia, “including a full exit.” The exchange plans to withdraw its services from Russia, possibly due to sanctions by countries including the United States.
Binance has decided to exit Russia completely!
According to an August 28 report by The Wall Street Journal, a Binance spokesperson said the exchange is considering all options for Russia, “including a full exit.” Recently, the exchange removed certain sanctioned Russian financial institutions from payment options on its P2P platform. It also added fiat currency restrictions for users based in Russia. The last development for the exit came after these events, which you followed on Kriptokoin.com.
The pressure of the USA and the EU on the bora continues
Binance operates in many countries. However, he backed down after pressure from the authorities regarding his activities in Russia. In the United States, Changpeng Zhao, CEO of Binance, Binance.US and the exchange, is facing a lawsuit filed by the Securities and Exchange Commission in June. The Justice Department enacted US sanctions shortly after the Russian invasion of Ukraine. After that, it investigates the global stock market for possible violations.
Binance commissions Polish arm for its Belgian users
Crypto exchange giant Binance is using its Polish unit to continue serving its clients in Belgium. Belgian users must accept Binance Poland’s Terms of Use in order to continue using the exchange platform. They also have to resubmit their know-your-customer documents as part of the legal requirements in Poland. In a blog post published on Monday, the crypto exchange highlighted the following:
By doing this, Binance ensures that it complies with its legal obligations and can continue to provide services to Belgian users. Binance Poland can provide crypto exchange and custody services in line with its registration as a virtual asset service provider in Poland.
Belgium’s June decision
In June, the Belgian Financial Services and Markets Authority ordered Binance to cease cryptocurrency services in the country as it offers virtual currency, fiat and wallet custody services for individuals not in the European Economic Area. Binance said it was working with the FSMA after receiving the order from the Belgian regulator. A company spokesperson said he was disappointed with the news at the time. In this context, the spokesperson made the following statement:
We are disappointed to learn that the FSMA has reached this decision despite our continued discussion. We are reviewing the details of their notices and will continue to work in collaboration with regulators in Belgium and around the world in accordance with our obligations.
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