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BINANCE BLOCK CRYPTO USERS WHEN THEY TRIED TO USE THE EXCHANGE FOLLOWING THE ECONOMIC SANCTIONS ON RUSSIA

BINANCE BLOCK CRYPTO USERS WHEN THEY TRIED TO USE THE EXCHANGE FOLLOWING THE ECONOMIC SANCTIONS ON RUSSIA

Binance cryptocurrency exchange is taking additional steps to prevent the Russian government from reducing the impact of sanctions on crypto.


Binance closed several accounts tied to relatives of Kremlin top officials two months ago since Russia began fighting in Ukraine, Bloomberg reported Thursday.


According to the report, the victims include Elizaveta Peskova, the daughter of Russian President Vladimir Putin, Dmitry Peskov, and Polina Kovaleva, the daughter of Foreign Minister Sergei Lavrov. Binance said it also blocked Kirill Malofeyev, son of Konstantin Malofeyev, a Russian oligarch who had previously been charged with violating US sanctions.


"We are proud to be part of this team that makes a real difference," Binance's newly appointed head of international Chagri Poyraz wrote on his LinkedIn page about Binance's latest actions.


Poyraz said Binance blocked Peskova on March 3, when she tried to use a brokerage exchange from the outside. He was then punished by the US Treasury Department on March 11 as part of sanctions against "Kremlin elite, leaders, oligarchs and the family for allowing Putin's war against Ukraine."


Peskova then expressed outrage over Western sanctions, saying such actions were "absolutely wrong and baseless." "I was shocked because it was weird to impose sanctions on a 24-year-old who had nothing to do with the situation," he said. Peskova's last post on Instagram from March 12 reads one word: "Peace."


According to Poyraz, Binance has been monitoring his platform for many people related to authorized people who may be using their resources.


"The exception is that our compliance screen functions are 'operational,' intended to detect and prevent the risk of financial crime prior to any regulatory or legal action against these individuals or entities," he said.


On April 21, Binance accepted a set of restrictions on Russian citizens or Russian citizens, reducing trade on accounts holding more than 10,000 euros, or $ 10,800. Binance CEO Changpeng Zhao previously said Binance would comply with sanctions but would not "suspend millions of innocent user accounts" due to Western sanctions against Russia.


In addition to strengthening Binance's desire to comply with the sanctions, a recent report also suggested that members of the family of Russia's top officials are heavily involved in cryptocurrencies such as Bitcoin (BTC). This comes despite the Bank of Russia's hatred of Bitcoin and its unwillingness to accept crypto investments in the country.



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