TechFlow reported on August 23 that Binance has recently processed a significant volume of ruble transactions, potentially violating global sanctions requirements. A recent review of Binance's peer-to-peer service website revealed that the platform has offered Russian customers at least five sanctioned Russian banks—including Bank Rossiya and Tinkoff Bank—as payment processing options. Additionally, according to data from provider CCData, trading volume in Russia on Binance’s main exchange business declined from its peak in early 2022 but has rebounded in recent months. CCData stated that Binance processed $8 billion in ruble-crypto transactions in July alone, mostly involving Tether.
In recent months, Binance customer service volunteers have informed users in Telegram groups that the exchange no longer imposes any trading restrictions on Russian customers—reversing a policy introduced in April 2022 to comply with European Union sanctions. Furthermore, since 2019, Binance has provided Russians with a payment channel through Advcash to move funds between traditional finance and cryptocurrency. Former Binance employees expressed concerns over the partnership with Advcash, noting that the company’s website does not provide detailed information about its executives or ownership structure.
