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Binance, the world's top cryptocurrency exchange, is under scrutiny for reportedly aiding transactions with blacklisted Russian banks, intensifying its legal troubles post Russia's 2021 Ukraine invasion.
The exchange reportedly allows customers to utilize these lenders, including Rosbank and Tinkoff Bank, to process payments for peer-to-peer transactions. Peer-to-peer transactions involve buyers and sellers directly interacting without the involvement of an exchange or market maker.
According to reports from Russia's central bank, Russians have conducted peer-to-peer transactions amounting to around $428 million per month between October 2021 and March 2022.
Binance Angels, volunteers associated with the platform, have informed users over Telegram that the exchange is not imposing trading limits on Russian clients, contrary to an announcement made in April 2022 aligning with EU sanctions.
In response to the allegations, a Binance spokesperson asserted that the exchange has no connection to any banks, whether in Russia or elsewhere, in relation to its peer-to-peer program. The spokesperson emphasized Binance's adherence to global sanctions rules and its commitment to enforcing restrictions on individuals, organizations, entities, and countries blacklisted by the international community, denying them access to the Binance platform.
These latest accusations of Binance's alleged circumvention of Western sanctions imposed on Russia only further compound the mounting legal challenges the cryptocurrency exchange faces. In March, the Commodity Futures Trading Commission filed a lawsuit against Binance and its CEO, Changpeng Zhao, accusing the exchange of intentionally helping U.S. customers evade restrictions imposed by its American affiliate.
Subsequently, the Securities and Exchange Commission also filed a lawsuit against Binance and Zhao. The SEC's complaint contains thirteen charges, alleging acts of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law by Zhao and Binance entities.
Rumors continue to circulate of an impending indictment by the U.S. Justice Department against Zhao and Binance, potentially encompassing a myriad of charges, including violations of anti-money laundering laws. The ongoing investigation has already prompted several high-ranking Binance executives to tender their resignations, and the exchange has subsequently laid off more than 1,000 employees.
Photo: Kanchanara/Unsplash
