The biggest cryptocurrency exchange in the world, Binance, is reviewing its operations in Russia. A representative from Binance shared this information with the Wall Street Journal.
Binance, which is the biggest exchange for cryptocurrencies globally, is taking a new look at its operations in Russia due to legal concerns in the country. The Wall Street Journal reported about this situation.
Binance’s choices for its activities in Russia include the possibility of entirely leaving the market. A spokesperson from Binance conveyed this to the news source.
Recently, Binance’s service that allowed users to exchange rubles with each other eliminated five Russian lenders that were under sanctions.
Binance faces legal and regulatory issues
Additionally this week, the Journal stated that Binance had assisted individuals in Russia in sending money abroad. This report followed the U.S. Justice Department’s probe into whether Binance had been employed by Russians to bypass U.S. sanctions, as reported by Bloomberg in May.
Binance is currently under scrutiny from several U.S. regulatory agencies. The Commodities Futures Trading Commission filed a lawsuit against the company in March. Furthermore, last month, both the Securities and Exchange Commission and CEO Changpeng Zhao were sued by the SEC for allegedly violating securities laws.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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