Binance has dropped support for peer-to-peer (P2P) payments from five sanctioned Russian banks. The news follows reports earlier in the week that the firm’s P2P crypto exchange had failed to implement international Sanctions against certain banks.
After many crypto exchanges terminated or severely curtailed Ruble-based services under the pressure of international sanctions, in recent times, Russian crypto traders have often turned to P2P alternatives.
Binance Cuts Ties With Rosbank, Tinkoff, and Other Russian Banks
But platforms that enable ruble-for-crypto swaps between individuals are increasingly toeing the line on sanctions.
Earlier this week, the Wall Street Journal reported that Binance was enabling peer-to-peer trades of rubles for cryptocurrencies that involved sanctioned Russian banks. Among them were the country’s second-largest credit card provider, Tinkoff Bank, and former Société Générale subsidiary Rosbank.
According to the report, until this week, account holders with sanctioned banks could still purchase crypto with their cards.
Banks were referred to by color rather than by name in what looks suspiciously like a deliberate attempt to obscure the actual payment methods us
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Author: James Morales
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