Binance accused of hiding names of sanctioned Russian banks behind color codes

Binance, a prominent cryptocurrency exchange, has been accused of deliberately concealing the names of Russian banks that are under sanctions by using color codes. The allegations suggest that Binance used color-coded tags instead of explicit names to hide the involvement of these sanctioned banks. This controversial practice has raised concerns about Binance’s transparency and compliance with international regulations. Find out more about this accusation and its implications in the cryptocurrency world.

Binance Allegedly Renames Sanctioned Russian Banks on P2P Platform

Cryptography exchange Binance has reportedly renamed sanctioned Russian banks on its peer-to-peer (P2P) platform, allowing them to continue their operations despite strict Western sanctions. According to a report by RBC-Crypto, Binance replaced the names of Sber and Tinkoff bank cards with the colors “green” and “yellow” on its payment options for P2P trading.

The move by Binance comes after a recent revelation by the Wall Street Journal that the exchange has been facilitating transactions for several sanctioned Russian banks, including Sber and Tinkoff, despite the global sanctions. Binance, however, denies any relationship with these banks and claims to comply with sanctions.

This latest development could further complicate matters for Binance, as the exchange is already facing regulatory challenges in multiple Western countries. It may also provide additional ammunition for the ongoing investigation by the U.S. Department of Justice, which is reportedly looking into potential violations of anti-money laundering laws by Binance and its CEO, Changpeng Zhao.

As of now, Binance has not responded to CryptoSlate’s request for comment on the matter.

Web3Tech Launches Blockchain Service for International Payments

In a separate development, Russian blockchain company Web3Tech has introduced a platform that enables international payments through cryptocurrencies. According to RBC-Crypto, the platform aims to reduce Russia’s financial system’s reliance on SWIFT by offering the capability to process both local and international payments.

The website of Web3Tech reveals that this platform can also work with other public blockchains, as it creates circulation smart contracts and bridges for transferring popular cryptocurrencies like Tether’s USDT and USD Coin. By providing alternatives to traditional payment systems, Web3Tech aims to alleviate the pressure on Russia’s financial system, which has been facing challenges since the country’s intervention in Ukraine.

Russia has increasingly shown interest in the use of cryptocurrencies and central bank digital currencies (CBDCs) for international payments. These digital payment solutions offer benefits such as faster and more secure transactions, making them attractive alternatives to traditional methods.

In conclusion, Binance’s alleged renaming of sanctioned Russian banks on its P2P platform raises concerns about compliance with sanctions and may have legal implications. Meanwhile, Web3Tech’s blockchain service for international payments offers a potential solution for Russia’s financial system to reduce its dependence on traditional systems like SWIFT. These developments reflect the evolving landscape of the cryptocurrency industry and its impact on global economies.

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