Home » Binance still serving non-sanctioned Russians while seeking clarity on EU crypto regulations

Binance still serving non-sanctioned Russians while seeking clarity on EU crypto regulations

by admin

In the weeks following new sanctions from the European Union, Binance has opened its doors to unlicensed Russian citizens, according to Binance’s newly appointed sanctions officer.

Western sanctions against Russia have been a major challenge for Binance since day one, and the company has worked hard to comply, said Chagri Poyers, Binance’s global sanctions head, in an interview with Cointelegraph. Told.

Since Russia’s invasion of Ukraine began, Binance has comprehensively blocked several non-government-controlled areas of Ukraine, including annexed areas such as Donetsk and Luhansk, Poyers said.

“There is still active warfare going on in the region,” he noted, adding that Binance continues to actively monitor the situation. Worldwide, Binance has over 500 compliance officers, about half of whom are directly involved in sanctions controls, including anti-money laundering, name screening, and other procedures.

In addition to blanket sanctions imposed in relation to specific countries or territories, there are also targeted sanctions or sanctions directed at specific individuals, companies or activities.Binance has ‘zero tolerance’ for accounts blocked by targeted sanctions freeze or Restricted some Russian accounts Poiras said it is in line with sanctions from various jurisdictions.

U.S. officials have imposed many targeted sanctions, providing lists of sanctioned individuals and businesses, wallets and relevant guidance, officials said. However, like the crypto industry as a whole, crypto sanctions are a new concept and still lack guidance and clarity, especially when it comes to different jurisdictions.

“The hardest part is the EU sanctions,” said Poyraz, emphasizing the need for greater clarity from the industry. Binance After He Reached “No Special Dialogue” With EU Regulators Adopted eighth package of sanctionswhich included some major cryptographic restrictions, he noted, adding:

“We clearly comply with all EU sanctions, but there is room for improvement in terms of clarity. […] We are trying to follow the sanctions as they are. The challenge is not to overdo it, but to do what you are told. The regulations must be clear.”

The executive stressed that the current uncertainty over EU sanctions against Russia is not just a Binance issue, but an “industry issue.”

initial Sanctions Only Restricted Russia and EU Crypto Payments It was around $10,000, but the latest restrictions imposed in early October tightened the ban even further. Ban “All cryptocurrency wallets, accounts or custody services, regardless of wallet value.”

The European Commission did not provide additional details on crypto sanctions on its official Q&A page. The press team did not respond to Cointelegraph’s request for comment.

Related: Russian users welcome to Kazakhstani cryptocurrency exchange, but there are pitfalls

Binance continues to support its services for Russians, but a number of cryptocurrency exchanges and wallets have pulled out of Russia soon after the EU imposed its latest eighth package of sanctions.

Platforms such as Crypto.com, LocalBitcoins and Blockchain.com have informed users that: Service suspension in Russia As of mid-October. On Oct. 19, Kraken became one of the latest exchanges to restrict accounts for Russian users. Citing compliance with EU sanctions.

As previously reported, Russia is one of Binance’s biggest marketsranked among the top 10 cryptocurrency exchanges as of October 2019.