According to a report by The Block, crypto exchange Binance is set to conclude its association with the Belize-based payments company Advcash amidst allegations of facilitating fund transfers between sanctioned Russian banks and the exchange platform.
Advcash, however, in its communication to The Block, stated that Binance has yet to inform them about such a decision. The spokesperson from Advcash emphatically refuted the claims, saying, “We strongly rebut any allegations of Advcash aiding in transferring funds between sanctioned banks and Binance.” They further added that as of March 2022, they ceased processing credit card deposits in Russian rubles.
Reiterating their commitment to the rule of law, the spokesperson mentioned, “Advcash, being a regulated payment entity, is fully compliant with the prevailing laws. Our stringent measures include thorough user screenings against any possible sanctioned individuals list, along with implementing comprehensive KYC and AML practices using well-regarded KYC service providers.“
Binance‘s collaboration with Advcash traces back to 2019 aiming to facilitate Russian ruble transactions. The partnership allowed users to seamlessly deposit and withdraw rubles for Binance‘s fiat-to-crypto trading platform.
This decision aligns with Binance‘s recent announcement about its plans to completely withdraw its operations from Russia. This move was instigated by legal concerns over Binance‘s potential role in aiding Russia to sidestep sanctions. This September, the crypto trading platform transferred its Russian business assets to another crypto exchange, CommEx, although the transition is expected to span nearly a year.
