Binance is working to comply with sanctions on Russia imposed by Western governments following the invasion of Ukraine.
See related article: Bitcoin donations for Ukraine military surpass $1M
Fast facts
- “We have assembled a dedicated global compliance task force, including world-renowned sanctions experts, and are taking the steps necessary to ensure we take action against those that have had sanctions levied against them, while minimizing impact to innocent users,” Binance said in a statement shared with Forkast.
- Crypto has taken a novel role in the war in Ukraine, as millions worth of digital assets donations flood in to support the Ukrainian defense, while Russian firms and investors may explore crypto services to bypass sanctions.
- The exchange is donating US$10 million to the Ukraine Humanitarian Effort while establishing a crypto-first crowdfunding site.
- Lawmakers in Washington are looking to impose cryptocurrency sanctions on Russia that will have minimal impact on the rest of the market.
See related article: Bitcoin, crypto market tank as Putin declares war on Ukraine