Crypto exchange Binance is reported to be shutting down its Ruble payment partnership. Indeed, a Wall Street Journal report states that the firm is ending the collaboration that enabled customer funds to be transferred from sanctioned Russian banks to the crypto exchange.
Binance began its partnership with Advanced Cash, or Advcash, in 2019. Moreover, the announced partnership allowed its customers to withdraw and deposit in Russian rubles. Yet, the report states an Advcash spokesperson had not been privy to updates from the exchange regarding their collaboration.
Binance to End Russian Ruble Partnership
Binance has certainly had a tumultuous year thus far, especially as it has navigated ongoing regulatory concerns. Specifically, the crypto exchange has faced legal action from the United States, as it has been one of the companies targeted by the US Securities and Exchange Commission (SEC). Now, it has taken further action to distance itself from yet another market.
A report has stated that Binance is shutting down its Ruble payment partnership. Indeed, the move arrives amid scrutiny regarding the firm’s presence in Russia. Subsequently, the report notes that it is ceasing its partnership with Advcash, which has been ongoing since 2019.
Just last month, Binance announced its decision to fully exit Russia. Specifically, they detailed a sale of its Russian operations to CommEx. Moreover, an announcement stated the presence of the sale that was executed to “ensure a smooth process for existing Russian users” as it exited the market.
“As we look toward the future, we recognize that operating in Russia is not compatible with Binance’s compliance strategy,” said the firm’s chief compliance officer, Noah Perlman. Additionally, they noted their renewed focus on the countries they currently operate in and the growth of the industry within them.