Binance Holdings Ltd., recognized as the largest global cryptocurrency exchange, issued a resolute denial on Wednesday concerning allegations suggesting its involvement in enabling the transfer of significant volumes of Russian funds abroad via cryptocurrency transactions.
Despite the assertions, Binance categorically denies any active role in facilitating the movement of substantial Russian ruble trading volumes, which ostensibly aids customers in transferring funds from sanctioned financial institutions to account balances on its platform through intermediaries. To bolster this assertion, the company references evidence extracted from Binance’s official websites, user-provided screenshots, and communications within authorized chat groups.
As detailed in the report, the platform’s operations reportedly encompass peer-to-peer exchanges of Russian rubles for cryptocurrencies, a process that reportedly implicates financial institutions under U.S. sanctions, including Rosbank and Tinkoff Bank.
A spokesperson representing Binance refuted these allegations during a communication conducted via the social media messaging application Telegram on Wednesday. The spokesperson unequivocally stated, “The acquisition and disposal of USD & EUR through the Binance P2P platform is proscribed for Russian citizens and individuals residing within the borders of Russia, irrespective of nationality. It is important to underscore that our P2P program is conducted in complete isolation from any banks, whether in Russia or any other geographical jurisdiction.”
In recent developments, the U.S. Department of Justice launched an investigation in May to assess allegations regarding Binance’s potential involvement in allowing Russian users to circumvent sanctions and access its platform. Notably, the investigation has yet to yield formal charges or disclose its findings.
