The trading of digital assets using crypto assets in Russian government officials’ families’ Binance accounts has been banned.
As international sanctions mount in reaction to Russia’s invasion of Ukraine, the trading platform said that it will keep checking clients for links to sanctioned individuals.
When the daughter of a Kremlin official sought to use Binance after Moscow imposed economic penalties, the exchange cancelled her account.
According to Binance, the world’s biggest cryptocurrency exchange, the Russian government’s use of cryptocurrencies is being restricted.
Restricting Access to Russia’s Powerful Elite
Foreign Minister Sergei Lavrov’s stepdaughter Polina Kovaleva and Dmitry Peskov’s daughter Elizaveta Peskova have been prohibited from Binance during the last two months, according to the cryptocurrency exchange.
Kirill Malofeyev, the son of Russian tycoon Konstantin Malofeyev, has also been barred from the cryptocurrency exchange, according to reports.
Malofeev has been accused by the United States of aiding pro-Russian separatists in Ukraine. It’s no secret that Putin adores the sanctioned and sought after Malofeev for his suspected involvement in the Donbas conflict by Ukrainian authorities.
Newly-hired head of sanctions Chagri Poyraz, located in Vancouver, says the exchange is keeping an eye out for additional people linked to sanctioned individuals who could be using its services.
Compliments to Binance for Adhering to New Sanctions
Earlier this month, Binance said that it will no longer serve Russian clients, in accordance with the EU’s latest sanctions against Russia.
There are restrictions on the use of the site for Russian citizens, residents, and legal entities having crypto holdings worth more than $10,800.
Binance’s crackdown on bitcoin-related sanctions evasion has been praised by industry professionals. But others have reacted with outrage, saying that the restrictions are harsh.
Regarding Binance’s recent initiatives, Poyraz remarked on his LinkedIn page, “Proud to be a part of this team that actually makes a difference.”
There was no quick response from Kovaleva, Peskova, and Malofeev to written demands for comment. In reaction to Western sanctions against Russia, Binance CEO Changpeng Zhao has claimed that the business would abide to sanctions but would not “unilaterally block the accounts of millions of innocent people.”