Cryptocurrency exchange Binance is shutting down its Ruble payment partnership with Advanced Cash, according to a WSJ reports. The partnership enabled the transfer of customer funds from sanctioned Russian banks to Binance crypto exchange.
In 2019, the crypto exchange sealed a partnership with Advanced Cash (Advcash) where aside the earlier mentioned purpose allows customers to withdraw and deposit in Russian rubles. Advanced Cash Limited is a Belize Financial Services Commission (FSC) authorized payment service provider.
However, an Advcash spokesperson disclosed the firm hadn’t received from Binance any updates regarding their partnership.
Binance has had a tumultuous year navigating regulatory charges and legal actions from the United States authorities especially.
This move to distance from the Russian market is per the tight scrutiny from Russian authorities of its presence in the State.
Two months ago, Binance made the decision to sell the whole of its Russia business to CommEX as it off-boarded Russian users and leave the country. Now, it moves to cut ties with existing partnership.
In a statement Binance said it has recognised that operating in Russia is not compatible with its compliance strategy. Binance’s Chief Compliance Officer Noah Perlman also said Binance will channel more energy to other countries where it operates.
“We remain confident in the long-term growth of the Web3 industry around the world and will focus our energy on the 100+ other countries in which we operate.”
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