The Wall Street Journal, one of the biggest media actors in the USA, made a new report about Binance.
Accordingly, the WSJ claimed that Binance, the world's largest cryptocurrency exchange, did not comply with the sanctions imposed on Russia and helped Russians move money abroad.
In the news, it was stated that although Binance said that it complied with the Russian sanctions, the data showed that it did not.
The WSJ claimed that the data obtained showed that Russian ruble trading continued on Binance, and that Russian citizens were using sanctioned banks to trade the Ruble on the exchange.
At this point, WSJ stated that Russian citizens were using Advanced Cash, the payment company that Binance worked for for a long time, while the company spokesperson denied these allegations.
A spokesperson for the company said the firm does not work with any Russian banks and has not used its own ruble processing facilities since March 2022.
Binance spokesperson also denied the WSJ claims, stating that Binance is in compliance with the financial sanctions imposed on Russia and emphasized that they do not work with any bank or platform that is on the sanctions list.
The promise also added that Russian users are restricting Binance trading and that Russian citizens are prohibited from buying and selling dollars and euros using the peer-to-peer service.
“Binance adheres to global sanctions rules and imposes sanctions on individuals, entities, entities and countries blacklisted by the international community, preventing such actors from accessing the Binance platform.
Also, in terms of peer-to-peer service, Binance has no affiliation with any bank in Russia or elsewhere, and does not cooperate with any bank or platform that is on the sanctions list.”
Finally, it was stated that a person with knowledge of the matter was investigating Binance in connection with the possible violation of the US Department of Justice's sanctions against Russia.
The WSJ stated that this situation potentially increases the legal problems Binance may face in the US.
As it will be remembered, Binance announced that after Russia invaded Ukraine, it implemented the requirements of Western sanctions and stopped its services in Russia.
*Not investment advice.