Crypto exchange Binance is considering a full exit from Russia

Key takeaways

• Binance is considering exiting the Russian market as it continues to face regulatory challenges in other parts of the world. 

• The crypto exchange recently revealed that its users in Belgium will access its services via its Poland unit.

Binance to exit the Russian market

Binance, the world’s leading cryptocurrency exchange by market cap, is reportedly considering exiting the Russian market. This is according to a recent report by the Wall Street Journal. 

This latest cryptocurrency news comes as the crypto exchange continues to face regulatory challenges in Europe and the United States. 

The report pointed out that Binance is currently tackling multiple lawsuits with US regulators and is currently considering numerous options, including a full exit from the Russian market.

Binance is working to align itself with international sanctions

Binance said it is working to align itself with international sanctions following allegations that it is helping nationals move funds outside the United States earlier this year. 

The cryptocurrency exchange is working to block accounts belonging to Russian nationals with connection to the Kremlin. 

In 2022, the crypto exchange took steps to block accounts belonging to Elizaveta Peskova, the daughter of Dmitry Peskov, spokesperson for Russian leader Vladimir Putin. 

Binance also said it shuttered accounts from others connected to family members of top Russian officials. The moves came following sanctions against Peskova by the US Treasury. 

The cryptocurrency exchange has been facing regulatory challenges in the United States and other parts of the world.

Earlier this month, Binance informed its users in Belgium that they could now access its services via Binance Poland, the crypto exchange’s Polish-regulated arm. The move was to ensure that Binance complies with regulatory requirements in the country.

The cryptocurrency exchange also discontinued support for its crypto-backed debit card for customers in Latin America and the Middle East earlier this month. However, Binance didn’t specify the reasons behind its decision. 

The US and EU have imposed sanctions on Russia after it invaded Ukraine last year. They have imposed bans on the acquisition, import, or transfer of coal and other solid fossil fuels.