Binance Shuttered Accounts Associated with Relatives of Russian Officials

Binance is the world’s largest and leading cryptocurrency exchange popular among all crypto users till today. Even now, it ranks in the top list in the U.S markets by its daily trading volume. As we all are aware about Russia’s invasion of Ukraine, from then Binance slowly limited its service in Russia. 

Recently, Binance decided to block all the accounts linked to the relatives of the Russian government. Especially people from senior Kremlin officials who are sanctioned amidst the wave of huge war between Russia and Ukraine. Besides, the compliance team of Binance exchange is strictly checking to trace more individuals using its services. 

Binance Limits its Services in Russia 

To dig further, Binance team announces some of the names of the relatives of the Russian governments whose accounts are blocked. Earlier in March, the exchange stated it has blocked the Binance accounts and services of two major individuals.

Importantly, the stepdaughter of Foreign Minister Sergei Lavrov, Polina Kovaleva and the daughter of President Vladimir Putin, Elizaveta Peskova. More so, Binance shares, it also blocked the account of the secretary of the President, Dmitry Peskov.

Moreover, the Binance exchange is speculating on more individuals involved in the invasion and in the criminal activities. Thus, in that order, Binance strictly blocked the account of the son of Konstantin Malofeev, Kirill Malofeev. He was arrested by the U.S Treasury department for being the key point to transfer funds encouraging the criminal activities in Russia.

In addition to the case, the Global risk and Compliance head, Chagri Poyraz says, 

“As a unique service, our Binance compliance screening operations are proactive, focusing to detect and trace the financial criminals. It is aiming to deter them before any legal action is filed on these individuals.”

Furthermore, Binance exchange is already in the process of limiting its operations and service in Russia. Even though it is one of the biggest crypto markets worldwide.