In an important development in the cryptocurrency world, Binance exchange, one of the largest cryptocurrency exchanges, is reportedly considering ending its partnership with payment company Advcash. This decision comes on the heels of Binance’s recent exit from the Russian market due to the introduction of strict regulatory measures. Here are the details…
Binance is cutting ties with Advcash
The Wall Street Journal reported that Binance’s decision to sever ties with Advcash was driven by growing concerns about their partnership’s possible involvement in facilitating the transfer of funds between Russian banks that are under international sanctions. However, Advcash strongly denied such interference, stating that they will stop using the Russian Ruble for credit card payments in 2022. Advcash is committed to complying with all relevant laws and regulations. “Advcash rigorously verifies all users and strictly adheres to Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols,” it said in a statement.
The cooperation between Binance and Advcash was launched in 2019 with the aim of facilitating transactions in Russian currency. This partnership has played a crucial role in enabling Binance’s activities in the Russian market. The possible termination of this partnership could have significant impacts on Binance’s future operations in Russia. The decision to leave the Russian market, previously announced by Binance, was due to Russia’s implementation of new regulatory guidelines for cryptocurrency exchanges. These strict rules have placed significant restrictions on the cryptocurrency industry and led several exchanges to reconsider their operations in the country.
There is no official statement
While details of the potential partnership termination have yet to be confirmed, the development underscores the evolving and complex landscape of cryptocurrency regulations, where companies like Binance and Advcash are navigating a complex web of international sanctions and compliance requirements. As the cryptocurrency industry continues to adapt to the ever-changing regulatory environment, the outcome of this potential separation between Binance and Advcash will be closely watched by both the crypto community and the broader financial industry. This raises important questions about the role of cryptocurrency exchanges and their partners in complying with international laws and regulations, as well as the evolving dynamics of this high-risk industry.
Binance first partnered with Advcash in 2019 to enable Russian ruble transactions. At that time, users could deposit and withdraw rubles for the fiat-to-crypto trading platform. The move comes after Binance announced it plans to exit Russia altogether following a legal investigation into whether it helped Russia evade sanctions. In September, Binance sold its business to crypto exchange CommEx, but the exit process could take up to a year.
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