Following the invasion of Ukraine, Western governments put sanctions on Russia, which Binance is attempting to comply with.
Binance has put together a dedicated global compliance task force, which includes world-renowned sanctions specialists, and is taking the appropriate steps to guarantee that those who have been sanctioned are held accountable while minimising the impact on innocent users.
Crypto has taken on a new role in the Ukraine conflict, with millions of dollars in digital asset donations pouring in to fund the Ukrainian defence, while Russian businesses and investors may look into crypto services to avoid sanctions. While launching a crypto-first crowdfunding portal, the exchange is donating $10 million to the Ukraine Humanitarian Effort.
Cryptocurrency sanctions against Russia are being considered by US lawmakers, with little influence on the rest of the industry.
What do you think about Binance’s intentions to join the sanctions? Comment below.
