Binance Cuts Ties with Advance Cash Over Ruble Transactions

Binance Cuts Ties with Advance Cash Over Ruble Transactions

Binance, the world’s largest centralized crypto exchange, is making significant operational changes. One such development is Binance’s decision to terminate its association with Advance Cash, the Central American payment processor supporting ruble transactions for its users.

Binance Halts P2P With Russian Banks

Moreover, recent reports from the Wall Street Journal highlighted that Binance communicated its intent to end its partnership with Advance Cash through an email to a client. However, Advance Cash, a Belize-based firm known for managing fiat transactions for digital asset players, stated they had yet to be updated regarding this decision.

Additionally, Advance Cash’s offerings include enabling deposits and withdrawals in Russian rubles. Significantly, this partnership reportedly allowed users to channel funds from sanctioned Russian banks directly to Binance.

Besides these changes, the cryptocurrency exchange has been navigating through a complex regulatory terrain. The company has been distancing itself from various payment processors, particularly in Europe and the Americas. This strategy emerges amid ongoing investigations by the U.S. Department of Justice, which suspects the crypto giant of money laundering, sanctions evasion, and potential fraud.

Consequently, Binance halted P2P transactions with Russian-sanctioned banks. The crypto exchange has revealed plans to transition users to its local subsidiary, CommEx. Similarly, the exchange experienced a setback when entities like Paysafe ceased support for fiat deposits and withdrawals. However, on a positive note, Binance France did manage to secure an extension with Paysafe.

Binance Counters C FTC’s Anti-Evasion Claims

Moreover, Binance finds itself in the spotlight of the U.S. regulators. The Securities and Exchange Commission has lodged a complaint against Binance Global, Binance.US, and their CEO, Changpeng Zhao, for alleged breaches of federal securities rules. In response Zhao seeks the lawsuit’s dismissal, challenging the regulator’s jurisdictional claims.

Additionally, the U.S. Commodity Futures Trading Commission (CFTC) is also involved. The exchange and its CEO recently pushed back against the CFTC’s claims, with their legal team highlighting the regulator’s unconventional approach, especially concerning their anti-evasion allegations.

Read Also: Hong Kong’s Largest Virtual Bank Opens OKX Operating Account

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Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


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