OKX And Bybit Suspends Sanctioned Russian Banks From P2P Services
OKX and Bybit are the latest digital asset exchanges to delist sanctioned Russian banks from their peer-to-peer (P2P) services.
Two Russian banks, Tinkoff Bank and Sberbank have both been removed from P2P services of some crypto exchanges due to Western sanctions following the invasion of Ukraine.
According to local sources, crypto users can no longer receive fiat in exchange for their assets through both banks on OKX and Bybit’s P2P platforms.
Although both banks have been removed, the nature of P2P transactions makes it difficult to achieve total enforcement.
Since the decision, several reports have sprung up pointing to users still deploying the banks for P2P transactions via private communications.
The two exchanges join Binance who came under fire last week for listing the banks as part of its payment methods. Following a Wall Street Journal report, Binance removed the banks although the “green and yellow” bank colors were still present.
Several customers also prefer payments in the delisted banks and make it obvious by stating it in the “adviser terms” making it difficult to enforce the sanctions.
According to the Wall Street Journal, a Binance spokesperson clarified the delisting status quo adding that while the banks have been delisted, the company will continue updating its system to ensure compliance.
“We regularly update our systems to ensure compliance with local and global regulatory standards. When gaps are pointed out to us, we seek to address and remediate them as soon as possible.”
Since the invasion of Ukraine, Russia has faced heavy financial sanctions spearheaded by Western countries.
These economic-crippling sanctions have turned several citizens and institutions to crypto amid its uncertain local stance
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