Binance Accused of Violating Russian Sanctions

The Wall Street Journal report alleges that Binance was not adhering to Western sanctions in Russia by allowing Russian users to move money abroad. The exchange is already facing regulatory scrutiny for law violations, and this recent fiasco caused BNB to decline further.

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Binance and Its Legal Issues

Illustration: L. T.

Binance and Its Legal Issues

According to Wall Street Journal, the world’s most prominent crypto exchange reportedly facilitates transfers to and from several Russian lenders that the West has blacklisted amid the Russia-Ukraine war.

The WSJ also reported that Binance users from Russia successfully conducted peer-to-peer transactions worth around $428 million a month between October 2022 and March 2023 and that Binance volunteers spread the word over Telegram that the exchange wasn’t imposing trading limits on Russian clients, as it had announced back in April 2022.


We have no relationship with any banks whatsoever, in Russia or elsewhere, in relation to our P2P program.

Binance spokesperson replied to these accusations in a statement to Fortune.

The news about Binance making its services available in Russia amid sanctions will put more legal pressure on the largest centralized crypto exchange.

Not only that but BNB, a coin linked to Binance, didn’t go unaffected either.

BNB price

Source: CoinMarketCap

This Tuesday, the BNB price fell to $204.45 per coin. Although the WSJ’s report wasn’t the only contributor to BNB’s demise, it clearly had an immense impact. The market is showing signs of slight recovery, but the price remains bearish – roughly $216 per coin as of writing.  

Jelena is a content writer dedicated to learning about all things crypto. Her hobbies are playing chess, drawing, baking, and going on long walks. During winter, she usually spends her leisure time reading books.