Binance to Stop Ruble Partnership with AdvCash
Binance, the world’s largest crypto exchange, is set to terminate its partnership with the Belize-based payments firm Advanced Cash (AdvCash) due to shifts in the company’s strategy concerning the Russian market.
AdvCash had enabled users to transfer funds between Binance and major Russian banks such as Sberbank and Alfa-Bank. AdvCash is registered in Belize and began cooperation with Binance in 2019.
A representative from AdvCash has revealed that they have not received any official notifications from Binance regarding this decision. Furthermore, AdvCash claims that they had already ceased the transfer of funds between Binance and Russian banks that were subject to sanctions. They also halted the processing of credit card deposits in RUB back in March 2022. In addition, AdvCash emphasizes its commitment to adhering to regulatory requirements. They check all users using sanctions lists, and implement Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures.
In September, Binance made the decision to exit the Russian market due to mounting pressure stemming from its failure to comply with sanctions regulations related to Russian clients. They sold their business to the CommEx crypto exchange.
Changpeng Zhao, the CEO of Binance, shared additional details about the transaction through a post on the X platform. The CommEx team has also provided extensive insights into the operations and plans for the new platform.
Earlier, WalletConnect announced its withdrawal from the Russian Federation, citing requirements imposed by American regulators. As a result, Russian users can only access the service using a VPN.