Skip to main content

Binance Blocks Accounts Linked to Relatives of Senior Russian Officials

https://motleybloggers.com/wp-content/uploads/2022/04/binance-blocks-accounts-linked-to-relatives-of-senior-russian-officials.jpg

Binance Blocks Accounts Linked to Relatives of Senior Russian Officials

Digital asset exchange Binance has blocked accounts tied to relatives of government officials in Moscow. Amid mounting international penalties over Russia’s invasion of Ukraine, the trading platform said it will continue to check for users associated with sanctioned individuals.


Crypto Exchange Binance Bans Children of Top Russian Figures


Binance, the world’s leading cryptocurrency exchange, has blocked several accounts linked to relatives of some high-ranking members of Russian President Vladimir Putin’s administration, Bloomberg reported. The move comes as sanctions continue to rain on Russia in response to its military assault on neighboring Ukraine.


Among the users who have been denied access in the past two months since the Russian troops crossed the Ukrainian border are the stepdaughter of Foreign Minister Sergei Lavrov, Polina Kovaleva, and Elizaveta Peskova, the daughter of the Kremlin spokesman Dmitry Peskov.


Binance also banned Kirill Malofeev, the son of Russian oligarch Konstantin Malofeev. The latter has been accused by Washington of funding pro-Russian separatists in Ukraine. Malofeev, who is on the U.S. and EU sanctions lists and wanted by the Kyiv authorities for his involvement in the war in the Donbas region, is a Putin supporter.


The news of the shuttered accounts comes after earlier in April, Binance limited services to Russian users to comply with the latest round of sanctions approved by the European Union. The restrictions apply to Russian nationals, residents and legal entities that have crypto assets exceeding €10,000 ($10,800) in value on the platform.

In early March, Binance CEO Changpeng Zhao said that the exchange was freezing the accounts of sanctioned Russian individuals but insisted that blocking all Russians would be “unethical.” At the same time, the executive dismissed concerns that cryptocurrencies could help Moscow circumvent western sanctions.


Binance revealed it blocked Peskova on March 3, when she attempted to use the exchange through a third-party brokerage. She was sanctioned by the U.S. Treasury Department the following week, the report details.


Kovaleva’s account was shuttered on March 24, the day she was sanctioned by the U.K. Malofeev was designated by the U.S. Treasury on April 20 and had his Binance accounts blocked this week, the company added.


The crypto exchange will continue its efforts to identify other people connected to sanctioned individuals, the platform’s global head of sanctions assured. “What’s different is that our compliance screen operations are ‘proactive,’ aiming to detect and deter financial crime risk before any regulatory or legal action towards these individuals or entities,” Chagri Poyraz has been quoted as stating.


What are your thoughts on Binance’s decision to block accounts linked to relatives of sanctioned Russian officials? Let us know in the comments section below.



Origina post from
https://motleybloggers.com/binance-blocks-accounts-linked-to-relatives-of-senior-russian-officials/

Comments

Post a Comment

Popular posts from this blog

A Jacobin Podcast Review: Critiques on Crypto and Sterlin’s Response

https://motleybloggers.com/wp-content/uploads/2022/01/a-jacobin-podcast-review-critiques-on-crypto-and-sterlins-response.jpg The following opinion editorial is a Jacobin Podcast review written by the author Sterlin Lujan , the chief risk officer with Cryptospace. The Jacobin Podcast episode called: “ Dig: Cryptocurrency w/ Edward Ongweso Jr & Jacob Silverman, ” touches upon “cryptocurrency, NFTs, Elon Musk, the metaverse, meme stocks, and techno-utopianism amid the crushing reality of our neoliberal hellscape.” Cryptocurrency isn’t fringe technology anymore. Over the last decade, it has become embedded into finance, culture, and even our social life. It’s drastically changing the way we think about money, economics, and human action. However, some people, primarily on the left, are skeptical of cryptocurrency. Many of them hate it, regardless of how much of a godsend it has been for many. My friend, thought leader, author, and psychedelic visionary, Daniel Pinchbeck, pointed out a
Post a Comment
Read more

P2P Bitcoin Traders in Nigeria Think Outside the Box in the Wake of CBN Restrictions

After the Central Bank of Nigeria issued a directive targeting the country’s cryptocurrency industry, bitcoin and altcoin trade volumes on centralized exchanges immediately plunged. Nevertheless, the new regulations seem to have succeeded in boosting crypto trade volumes on informal markets or on peer-to-peer trading platforms. Nigerian Crypto Traders Get Creative Still, the increasing trades on informal platforms have also led to increased reports of users losing money to con artists. Moreover, with the CBN seemingly eager to see volumes of crypto trades plummet, Nigerian users had to find ingenious but legal ways of getting around the central bank’s imposed restrictions. As shown in one local report , one such legal way is through an app created by one local crypto start-up, Patricia. According to the report, this application is already enabling Nigerian users to buy or sell their crypto assets securely and without running afoul of CBN regulations. Therefore, in this report, we relis
Post a Comment
Read more

‘Bitcoin Is Dead’ Google Searches Skyrocket, Bitcoin Obituaries Records 15 Deaths This Year

https://motleybloggers.com/wp-content/uploads/2022/06/bitcoin-is-dead-google-searches-skyrocket-bitcoin-obituaries-records-15-deaths-this-year.jpg According to the Bitcoin Obituaries list, bitcoin has died 15 times in 2022, and the last obituary written about bitcoin’s death was on June 18, in a recent statement that said: “Bitcoin Will Not Recover.” Interestingly, Google Trends data shows that the search phrase “bitcoin is dead,” is estimated to hit an all-time high this week. The Old Saying ‘Bitcoin Is Dead’ Comes Back to Life In recent times, you may have heard the phrase “bitcoin is dead,” or something similar. A great number of people truly believe that bitcoin is dead while many believe the crypto asset is the future of money. The past two weeks have been gruesome for bitcoin as prices dropped to a low of $17,593 per unit. The analytics company Glassnode shows the losses during the last three days have been massive. “The last three consecutive days have been the largest USD deno
Post a Comment
Read more