Binance To End Ruble Payments As It Winds Up Partnership With Russian Payment Firm Advcash, WSJ Says

Updated: 02 November 2023

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Binance plans to end its partnership with the Russian payment provider Advanced Cash (AdvCash), ending ruble-based transactions, the Wall Street Journal (WSJ) reported.

AdvCash was used to move funds between sanctioned Russian banks and the exchange, the WSJ said, citing sources close to the matter.

#WSJ : #Binance plans to terminate cooperation with #Advcash

This decision is due to the fact that Advcash allows you to transfer funds to the exchange to customers of Russian banks that have been sanctioned. #CRYPTO #Bitcoin #web3 #NFTs #ETHEREUM pic.twitter.com/UX2euPY5hn

— Crypto GURU BIG MIKE 🎁 Crypto Promoter (@CRYPT056) November 1, 2023

This is in line with the exchange’s bid to fully exit the Russian market following intensive legal scrutiny following the Ukraine invasion.

Binance entered into a partnership with Advcash in 2019, allowing consumers to make deposits and withdrawals in rubles.

In this collaboration, Advcash provided links to “independent exchange providers” that could handle transfers from customers’ accounts at Russian banks to the crypto trading platform. Users could then convert fiat-to-crypto and vice versa between their Advcash and Binance accounts.

An Advcash spokesperson told The Block that the company had not received any updates from Binance regarding the end of their partnership.

“We unequivocally deny that Advcash facilitated movement of any funds between any sanctioned banks and Binance,” the spokesperson said. “Advcash stopped processing credit card deposits in RUB from its customers in March 2022.”

The person emphasized that AdvCash was a regulated platform “committed to complying with all applicable legislation.”

“This includes screening of all users using all possible sanctioned persons lists, and employing full KYC and AML procedures via reputable KYC providers,” the person told The Block.

Operating In Russia Doesn’t Meet Binance’s Compliance Strategy

In an announcement last month, the world’s largest crypto exchange shed more light on its decision to cease operations in Russia. The firm entrusted its operations to the crypto exchange CommEX following a legal probe into whether the firm assisted Russians in evading sanctions.

This marked a significant step in Binance’s endeavour to comply with global regulatory standards, given the legal issues it is facing in different countries around the world.