Cryptocurrency exchange giant Binance is reportedly planning to end its partnership with Belize-based payments firm Advanced Cash (Advcash), according to the Wall Street Journal.
This decision comes after Binance announced it was completely exiting Russia due to increased regulatory scrutiny.
According to WSJ's claim, the partnership between Binance and Advcash enabled the movement of funds between sanctioned Russian banks and the stock market.
However, an Advcash spokesperson denied having any knowledge of Binance's plan to end the partnership. “We categorically deny that Advcash facilitates any movement of funds between any sanctioned bank and Binance,” the spokesperson said.
Advcash had stopped processing credit card deposits in Russian Ruble (RUB) from its customers in March 2022. The spokesperson also emphasized Advcash's determination to comply with the legislation and said:
“As a regulated payment platform, Advcash is committed to complying with all applicable legislation. This includes screening all users using all possible sanctioned person lists and implementing full KYC and AML procedures through reputable KYC providers.”
Binance first partnered with Advcash in 2019 to carry out Russian ruble transactions on the trading platform from fiat to cryptocurrencies. The end of this partnership marks a significant shift in Binance's operations in Russia.
*This is not investment advice.