Binance Suspends P2P Transactions In Russia
Peer-to-peer (P2P) transfers from five sanctioned Russian banks are no longer supported by Binance. The disclosure comes in the wake of earlier this week’s reports that the company’s P2P cryptocurrency exchange had failed to put international sanctions against certain banks into effect.
Russian cryptocurrency traders have frequently turned to P2P alternatives in recent times as a result of several crypto exchanges terminating or severely restricting Ruble-based services due to pressure from international sanctions.
Rosbank, Tinkoff, and other Russian banks are cut off from Binance. However, services that let users trade cryptocurrency for rubles are becoming more compliant with sanctions.
According to the article, sanctioned bank account customers may still use their cards to buy cryptocurrency up until this week.
(With inputs from Shikha Singh)
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