BINANCE Continues Its Liberal Policy With Sanctions Against Users From Russia

BINANCE Exchange continues to lead its liberal and soft policies against users from Russia, despite its cruel war against Ukraine.

This time, the Exchange announced the introduction of restrictions for accounts belonging to users in the Russian Federation. However, these restrictions will affect only those with the total cost of crypto assets in the wallets of more than € 10,000. These users will not be able to trade and multiply their assets, but they will be able to withdraw their money.

For “restrictions”, the exchange provided as many as 90 days (3 months) to close positions on futures. And on citizens of Russia outside the Russian Federation, these sanctions do not apply at all.

The company added that it does not yet plan to stop providing services in Russia. But they “follow the political situation and in case of expanding international sanctions against the country also apply them.”

The interesting thing is, what the “situation” should be and who in Binance follows it for “changes”?

Governments of different countries are imposing sanctions almost every day, not only against Russian citizens and firms but also against those who continue to conduct business with the aggressor country.

The Lower Chamber of the Parliament of Japan at the legislative level banned the country’s crypto companies from conducting business or serving customers from Russia under sanctions.

The EU in the fifth package of sanctions against Russia decided to prohibit individuals and legal entities from the Russian Federation and Belarus to have deposits, crypto wallets and to sell banknotes and securities nominated in any currency of EU member states.

Advisor to US President Joseph Bayden on National Security Jake Sullivan stated that the data was being collected on all those who contribute to the evasion of Russia from sanctions, both in the Russian Federation and abroad. And against all these subjects will also impose sanctions.

And the first steps towards overlapping loopholes to bypass sanctions, including with the help of cryptocurrency, have already been produced. For example, the US Department of Finance imposed sanctions against the group of Bitriver mining companies operating in the Russian Federation.

In addition, the US authorities consider the possibility of Russia’s recognition as a country financing terrorism. And only the question of time when it happens.

Many crypto exchanges, for example, did not follow Binance, closed access for Russian users on the first day of the war. A list of firms that left the Russian market or suspended activities in this country has more than 400 companies.

So what does it work? Binance awaits until it remains the last foreign company that did not leave the Russian market, or the only country that will not impose sanctions against the Russian Federation only any distant African wilderness? Although, probably, BINANCE, like many large companies for which money is the main value in life, trying to stream as long as possible on two chairs, introducing soft restrictions for users from the Russian Federation with one hand, and the other – donating thousands of dollars for the charity funds of Ukraine. Policy “Neither your nor” or “one ass on two chairs” is supported by many representatives of large businesses.

The BTC-Alpha team together with trusted volunteer communities created a charity fund ‘Alpha for Ukraine’. You can make a donation to help everyone in Ukraine who needs medicines, humanitarian aid and to support the defence of the country.

Post a Comment