Binance Blocks Kremlin-Linked Russian Accounts

Binance Blocks Kremlin-Linked Russian Accounts

key takeaways

Binance has blocked several accounts linked to the Russian Kremlin. The company previously said it would limit deposits of more than 10,000 euros by Russian nationals living in Russia. Binance was recently accused of handing over user data to Russian officials, allegations the exchange has denied.

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Ukraine’s digital transformation minister Mikhailo Fedorov acknowledged the move, saying “everyone connected to the Putin regime will feel the consequences of the war.”

Binance blocks relatives of Russian government

Binance has closed several Kremlin-linked accounts.

The world’s largest cryptocurrency exchange has blocked Polina Kovaleva, the stepdaughter of Russian Foreign Minister Sergei Lavrov, and Dmitry Peskov, the spokesman for President Vladimir Putin daughter of Elizaveta Peskova and Kirill, son of recently accused Russian oligarch Konstantin Malofeev. Department of Justice violated U.S. sanctions. Binance’s head of global sanctions, Chagri Poyraz, told Bloomberg that it blocked Peskova on March 3, a week after she was sanctioned by the U.S. Treasury Department. Binance then closed Kovaleva’s account on March 24, and Malofeev lost access to the exchange this week. None of the three sanctioned individuals responded to requests for comment. Bloomberg the report said.


Mykhailo Fedorov, Ukraine’s Ministry of Digital Transformation and one of the key figures in charge of the government’s pro-crypto stance, pointed to Binance’s blockage in a Friday tweet, saying “everything related to Putin’s regime has been in trouble. Individuals will feel the consequences of the war.”

Binance has been ramping up efforts to comply with sanctions amid concerns that Russians may turn to cryptocurrencies to hide their wealth. Russia has faced a wave of sanctions since the invasion of Ukraine, and major cryptocurrency exchanges like Binance are under pressure to block Russian users. Last week, the company announced that it had taken steps to follow the European Union’s restrictions on the use of cryptocurrencies by Russian nationals. Binance said in a blog post that it will limit deposits of more than 10,000 euros (about $10,500) by Russian nationals residing in Russia, in accordance with guidelines issued by the European Union in its fifth sanctions package. Binance CEO Changpeng Zhao later commented on the update in a Twitter storm. “We believe that cryptocurrency exchanges should not have the right to unilaterally freeze user accounts of entire countries,” he wrote. “Binance has made a commitment to the international community that we will impose any and all sanctions, and we are delivering on that commitment. ”

Erbinance has made it clear that it will comply with the sanctions, and the company has also been accused of having close ties to Russia’s financial intelligence services. A Reuters investigation on April 22 said Binance handed over user data to Russian authorities as they looked for activities linked to opposition leaders. Alexei Navalny. Binance has since refuted these claims.

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