Binance leaving Russian market is ‘on the table’: Report

Binance leaving Russian market is 'on the table': Report

Cryptocurrency exchange Binance may be considering withdrawing its services from Russia amid sanctions from countries including the United States.

According to an Aug. 28 report from The Wall Street Journal, a Binance spokesperson said the exchange was considering all options in regards to Russia, “including a full exit”. The report followed Binance removing certain sanctioned Russian financial institutions from available payment options on its P2P platform and adding fiat currency restrictions for Russia-based users.

A global exchange without a brick-and-mortar headquarters, Binance operates in many countries but has received pushback from authorities in regards to its activities in Russia. In the United States, Binance, Binance.US, and Binance CEO Changpeng Zhao face a lawsuit filed in June by the Securities and Exchange Commission. The Justice Department was also reportedly investigating the global exchange for potential violations of U.S. sanctions which went into effect shortly after the Russian invasion of Ukraine.

This is a developing story, and further information will be added as it becomes available.