Binance Commits to Sanctions Compliance Against Russia

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• Binance has released a statement confirming that it is committed to complying with international sanctions against Russia.
• Binance’s European entities are prohibited from providing services to legal entities in Russia and Russian nationals, except for those who are citizens or residents of the European Economic Area (EEA) or Switzerland.
• The exchange employs over 750 people in its global compliance team, responsible for anti-money laundering (AML), name screening, and other measures.

Binance Commits to Sanctions Compliance

Binance has released a statement reiterating their commitment to comply with international sanctions against Russia. The world’s largest cryptocurrency exchange stated that all current restrictions related to sanctions against Russian nationals are applied by the platform and its legal entities in the European Union in full.

Restrictions on Services

The exchange’s European entities are prohibited from providing services to legal entities in Russia and Russian nationals, except for those who are citizens or residents of the European Economic Area (EEA) or Switzerland. Additionally, users from Crimea, the Donetsk People’s Republic (DPR), and the Luhansk People’s Republic (LPR) have been denied access to the platform. Furthermore, Russian citizens and individuals residing in Russia are not allowed to buy or sell USD and EUR on Binance’s P2P platform.

Compliance Team

Binance employs a global compliance team of over 750 people, nearly half directly involved in sanctions control work including anti-money laundering (AML), name screening, Know Your Customer (KYC), Know Your Business (KYB) onboarding and on-chain monitoring initiatives.

Regulatory Action

Recently, the Australian Securities and Investments Commission (ASIC) cancelled Binance’s derivatives license citing improper client classification. This decision came despite statements made by Binance about their commitment to comply with international sanctions rules against countries such as Russia.

Conclusion

In conclusion, Binance has stated its commitment towards complying with international economic sanctions imposed upon countries like Russia while simultaneously facing regulatory action due to improper client classification from ASIC. Despite this opposition from governmental bodies ,the exchange continues its efforts towards meeting global regulations while still offering service options tailored toward users across all nations..