Binance Starts Work to Comply with Sanctions on Russia Imposed by Western Governments

Binance is working to comply with the sanctions imposed on Russia by Western governments following the invasion of Ukraine. 

Additionaly, Binance  announced that they would be donating $10 million to the Ukraine Humanitarian Effort, and will launch a crypto-first crowdfunding site to further provide aid to Ukraine.

The company also launched a crypto-first crowdfunding site called the ‘Ukraine Emergency Relief Fund’ as a means of allowing people to donate crypto to help provide emergency relief to refugees and children, as well as to support the country with procurement on the ground, such as food, fuel, and supplies. 

Source: binance.charity/Ukraine-Emergency-Relief-Fund

Complying While Minimizing Impact to Innocent Users

Binance has established a dedicated global compliance task force including world-renowned sanctions experts. 

They are also taking the required steps to ensure that they can take action against those who had sanctions levied against them, while also minimizing its impact on innocent users.

The company stated that it would comply with any further sanctions imposed by the international community. This comes after an investigation was launched into Binance U.S. by the SEC over Trading Affiliates.

On the Flipside

• The cryptocurrency industry has taken on a unique role in the war in Ukraine, where millions worth of digital asset donations have flooded in to support the Ukrainian defenses.

Why You Should Care

This is an indication that Russian firms, as well as investors, may explore crypto services in order to bypass the current sanctions.