Binance still serving Russians while seeking clarity on EU crypto sanctions
In the weeks following new sanctions from the European Union, Binance has kept its doors open for non-sanctioned Russian nationals, but that does not mean that the firm isn't complying with EU sanctions, according to Binance’s newly-appointed sanctions executive.
Western sanctions against Russia have been a major challenge for Binance from day one, and the firm has been working hard to comply, Binance’s global head of sanctions Chagri Poyraz told Cointelegraph in an interview.
Since the start of Russia's invasion of Ukraine, Binance has comprehensively blocked several non-government-controlled territories of Ukraine, including annexed regions like Donetsk and Luhansk, Poyraz said.
“There is still an active war going on in the region. The map is changing daily,” he noted, adding that Binance continues to actively monitor the situation. Binance has more than 500 compliance executives globally, and about half of them are directly involved in sanctions control, including Anti-Money Laundering, name screening and other procedures.
In addition to comprehensive sanctions, which are imposed in connection to a certain country or region, there are also targeted sanctions or those directed at specific individuals, companies or activities. Binance has “zero tolerance” for accounts blocked with targeted sanctions, and has frozen or restricted a number of Russian accounts in line with sanctions from different jurisdictions, Poyraz said.
The authorities in the United States have imposed a number of targeted sanctions, providing lists of sanctioned individuals and firms, wallets and related guidances, the exec noted. But just like the cryptocurrency industry as a whole, crypto sanctions are a new concept, and there is still a lack of
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