Binance adds fiat currency restrictions for Russian users
Cryptocurrency exchange Binance continues introducing more restrictions for Russian customers on its peer-to-peer (P2P) trading platform.
Binance P2P has banned Russian residents from using fiat currencies other than the Russian ruble, Binance announced on its Telegram channel on Aug. 27.
Binance’s Russian clients residing outside the country have also been banned from using currencies like the ruble, the euro, the United States dollar and the Ukrainian hryvnia.
In order to use the Russian ruble on Binance P2P, users must have Russian Know Your Customer (KYC) verification and reside in Russia at the same time, the exchange stated.
“We apologize for the inconvenience. If you have any questions or need assistance regarding this update, please contact Binance Customer Support,” Binance stated. The announcement has brought some attention from Binance’s Russian users, with the Telegram post having amassed nearly 700 user comments at the time of writing.
The new restrictions have mostly affected Russians who reside in other countries and need to convert their rubles from Russian banks to other currencies using Binance’s P2P service, according to multiple comments.
For example, one alleged Binance P2P user experienced difficulties in buying Tether (USDT) with rubles from the sanctioned Russian Tinkoff Bank. “My account is verified abroad,” the alleged user said, adding that she needed to transfer her Russian pay to Switzerland.
“If you’re in Switzerland, you should be taking your pay in francs,” one Telegram user commented. Another alleged Binance P2P user also faced issues in transferring rubles to Kazakhstan.
“I have been in Kazakhstan for almost a year, I live and work here. But sometimes I need to transfer money from the Russian Federation, so for a year now I have been buying USDT for rubles and selling them for the Kazakh tenge,” the person wrote in a chat with Binance customer support. The user complained about becoming unable to proceed with such transactions after Aug. 25.
Addressing the complaint, a Binance customer support manager noted that users need to meet all three requirements to use rubles on Binance, including providing the Russian KYC, Russian nationality and Russian proof of address.
Binance didn’t mention whether the latest restrictions for Russian citizens are related to Western sanctions or, rather, new fiat currency restrictions imposed by the Russian government amid the decline of the ruble.
According to local reports, banks have been introducing massive restrictions on fiat deposits and transfers, including 50% fees on U.S. dollar transactions, amid the ruble crashing through 100 rubles vs. the U.S. dollar in mid-August.
Related: OKX and Bybit remove sanctioned Russian banks from payments list
Binance did not immediately respond to Cointelegraph’s request for comment.
The latest restrictions by Binance add to a series of other recent measures targeting Russian users. On Aug. 25, Binance removed sanctioned Russian banks like Tinkoff Bank and Rosbank from the list of available payments on its P2P platform.
The news came just a few days after Binance promoted its services on vDud, one of the biggest Russian YouTube channels run by Yuri Dud.
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Former anti-corruption minister Tulip Siddiq is set to face trial later this month over corruption allegations in Bangladesh.
Ms Siddiq resigned from her ministerial role earlier this year over accusations she illegally received a plot of land in a new high-end development on the outskirts of Dhaka, Bangladesh’s capital, from her aunt, Sheikh Hasina, who was ousted as prime minister last year.
Bangladesh’s Anti-Corruption Commission (ACC) claims the Labour MP received a 7,200sq ft plot in the diplomatic zone through “abuse of power and influence”.
The ACC confirmed Ms Siddiq’s case is due to be heard in Bangladesh on 11 August.
A top official at the Commission told Sky News that if the Labour MP refuses to attend court on this date, a trial will be held in her absence.
It is understood she will not be present.
Ms Siddiq’s lawyers have denied the allegations against her.
Tulip Siddiq with Sheikh Hasina in 2009. Pic: Reuters
Sky News understands an article published on Thursday morning saying the Labour MP for Hampstead and Highgate will face trial in Bangladesh over the allegations is the first Ms Siddiq had heard of the court date.
A source close to Ms Siddiq told Sky News her lawyer was in court every day last week to request information, but was denied it.
An ACC official said Ms Siddiq’s lawyer “was absent in the court” when the court order was issued on Thursday.
They added that the order relates to three cases involving Ms Siddiq and others – all regarding corruption around the Purbachal new town project.
The Commission will continue to take steps “to ensure justice against the perpetrators”, the official said.
Ms Siddiq’s lawyer said: “For nearly a year now, the Bangladesh authorities have been making false allegations against Tulip Siddiq.
“Ms Siddiq has not been contacted or received any official communication from the court and does not and has never owned any plot of land in Purbachal.
“This longstanding politically motivated smear campaign has included repeated briefings to the media, a refusal to respond to formal legal correspondence, and a failure to seek any meeting with or question Ms Siddiq during the recent visit by the Anti-Corruption Commission (ACC) to the United Kingdom.
“Such conduct is wholly incompatible with the standards of a fair, lawful, and credible investigation.
“In light of these facts, it is now time for the Chief Adviser and the ACC to end this baseless and defamatory effort to damage Ms Siddiq’s reputation and obstruct her work in public service.”
Read more:
Bangladesh issues arrest warrant for Tulip Siddiq – as she denies claims
Tulip Siddiq: ‘My lawyers are ready’ for questions about corruption claims
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‘Leave me alone’: MP tells Bangladeshi authorities
In June, Ms Siddiq accused Bangladesh’s interim leader, Nobel Prize-winning economist Professor Muhammad Yunus, of conducting an “orchestrated campaign” to damage her reputation and “interfere with UK politics”.
In a legal letter seen by Sky News in June, the MP also said comments made by Professor Yunus in a Sky News interview have prejudiced her right to a fair investigation, meaning the corruption inquiries should be dropped.
The interim leader, who took over after Ms Hasina was ousted last year following violent protests, said Ms Siddiq “has so many (sic) wealth left behind here” and “should be made responsible”.
Sheikh Hasina fled Bangladesh after being accused of rigging elections and interfering with the judicial system. Pic: AP/ Yomiuri Shimbun
Professor Yunus’ press secretary said he and the ACC “has no reason and scope to interfere in UK politics”.
“The Anti-Corruption Commission relies not on hearsay but on documentary evidence and witness testimony,” they said.
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