Major crypto exchange Binance has continued to provide services to unsanctioned Russians just weeks before the new European Union sanctions.

Despite the sanction, Binance’s recently hired sanctions executive revealed that this does not imply that the company does not comply with the EU sanction.

Additionally, Binance Global Sanctions Head Chagri Poyraz revealed in an interview that Western sanctions targeting Russia have served as a major barrier to the business since its imposition and exchange it has diligently endeavored to adhere.

According to Poyraz, Binance has completely blocked several areas not under Ukraine’s authority, including annexations such as Donetsk and Luhansk, since Russia’s attack on Ukraine began. Poyraz added that there was still an ongoing war in the region and that Binance is closely monitoring the situation.

Meanwhile, globally, Binance has employed more than 500 compliance officers, and more than 50% of these officers are actively responsible for monitoring restrictions, including anti-money laundering, name verification, and other processes.

Increasing Ecosystem Penalties

Binance CEO Changpeng Zhao noted that US authorities have imposed several specific sanctions and provided lists of sanctioned individuals and companies, portfolios and related institutions. However, crypto sanctions are a novel idea in the cryptocurrency space as a whole, and direction and clarity are still lacking, specifically when dealing with multiple jurisdictions.

Since the official question and answer page of the European Commission does not contain more information about crypto sanctions. The media have been trying to get relevant information about the sanction, but the agency’s press department has provided nothing.

While Binance still offers services to Russian users, a number of cryptocurrency exchanges and wallets left the country shortly after the EU implemented its eighth and latest set of restrictions.

In mid-October, websites such as Crypto.com, LocalBitcoins, and Blockchain.com informed their subscribers that services in Russia would be suspended. Remember that the Russian government censors Binance to distribute crypto-related data, making its current services to customers in the country unbiased.

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