Binance, the leading cryptocurrency exchange in terms of trade volume, is encountering regulatory restrictions in Russia. The exchange is marked as a prohibited website in the country, according to the report. While officially announcing on Binance Russian telegram channel, the exchange mentioned that Roskomnadzor, the telecom regulator based in Russia, has blacklisted the exchange site to the register of platform disseminating prohibited information.
Operation head of Binance in Russia Glob Kostarev said, immediately after receiving a legal notification from the regulatory entity Binance has passed the news to its users. Binance faced restrictions due to the distribution of information related to the crypto acquisition, as disclosed by the announcement.
Despite being placed on the blacklist, Russians can still reach the Binance domain without utilizing any added services. However, Binance URL is available on Roskomnadzor official register of blacklisted sites.
Binance Planned to Launch its Debit Card in Russia
After officially unveiled the Binance card in Europe and the United Kingdom in July 2020. Binance is looking to explore the Russian market by introducing the Binance card, as reported earlier. As per exchange, users are allowed to make payments in a variety of cryptos, including Binance Coin, Bitcoin, Swipe’s native token, and Binance USD, for services and shopping across 200 regions worldwide.
In the public notice, Binance officials accentuated that they haven’t got any notification about the limitation preceding September 24, stating:
“We were not previously notified of any claims by law enforcement agencies, civil government services, or courts prior to receiving the above notification. We have now engaged our legal counsels for further advice and would like to assure all of our Russian users that there will be no disruption to their services in the interim and that their funds are safe.”
Earlier in August 2020, Roskomnadzor also blacklisted BestChange.ru, a Russian based crypto website that presents an aggregator administration of around 400 local crypto exchange sites.