In response to regulatory challenges that Binance is facing within the country, the world’s largest cryptocurrency exchange by trading volume is considering a complete withdrawal from the Russian market, the Wall Street Journal reports.
Without providing further details, Binance’s spokesperson told the newspaper that all options are on the table, including a full exit of the company which announced recently that users in Russia can now trade on the P2P platform in fiat currency in rubles only.
Local users who want to use the option must pass Binance’s ‘know your customer’ (KYC) verification first. In addition, non-Russian users no longer have rubles as a trading option.
Russian users who reside outside the country, in line with the new rules, are also banned from trading on the P2P exchange in the ruble, euro, US dollar, and Ukrainian hryvnia.
Previously in March, Binance introduced additional restrictions on Russian users wjich were barred from using P2P to buy and sell in US dollars and euros whereas EU-based users were banned using the platform to make transfers in rubles.
Due to sanctions related to the war in Ukraine imposed on Russia by Western states, Binance stopped supporting deposits from Russia-issued Visa and Mastercard cards in March 2022.