March 27, 2024
Crypto exchanges emulate Binance, excluding Russian banks from payment choices.
Latest Cryptocurrency News

Crypto Exchanges Follow Binance’s Lead by Excluding Russian Banks from Payment Options

At least two prominent cryptocurrency exchanges have followed Binance’s lead by excluding Russian banks that are subject to international financial sanctions from their roster of payment options. Tinkoff Bank and Sberbank have been removed from the list of peer-to-peer (P2P) transaction choices on Bybit and OKX.

As reported by Russian media, local users are now unable to convert their cryptocurrency into fiat money through Tinkoff Bank or Sberbank accounts on the P2P platforms of OKX and Bybit. There have been no official announcements from the respective companies through official channels.

However, till now, OKX still permits users to receive fiat currency into their accounts from the Russian branch of Raiffeisen Bank and the Russian Standard Bank. These financial institutions are not included in the list of entities facing sanctions by the United States Treasury.

The recent surge of attention towards the inclusion of sanctioned Russian banks within the cryptocurrency exchanges’ payment choices emerged when The Wall Street Journal disclosed that Binance had listed Tinkoff Bank and Sberbank as transfer options.

On August 24, Tinkoff and Sberbank were no longer visible on the Binance P2P platform, although the options colored yellow and green, reflecting their brand colors, remained. A day later, the WSJ stated that the sanctioned banks were entirely removed from the list, as confirmed by a Binance spokesperson. Despite the intended removal, users of Binance’s P2P platform continue to display advertisements for sales, designating the green bank as their favored payment method. These users may reference other payment avenues like the Russian Standard Bank or Ak Bars Bank, but they explicitly specify in their “advertiser’s terms” that they exclusively accept transfers through “the green bank.”

According to media reports, a similar scenario unfolds on both OKX and Bybit, where merchants still privately offer the option of conducting exchanges through sanctioned banks.

Image by freepik

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