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Russian Court removes Binance Website from blacklist

Russian Court removes Binance Website from blacklist

Russian court removed the Binance website from the blacklisted websites in a recent ruling. In September 2020, the Russian telecom regulator imposed a ban on the world’s largest crypto exchange website Binance. On Thursday, January 20, 2020, the Arkhangelsk Regional Court overturned, placing Binance on the blacklist. 

The recent court ruling reverts a previous order made in 2020. In September, Binance declared that its website came on the prohibited websites by Russian telecom regulator Roskomnadzor. The regulator barred the website based on a court rule imposing the site for disseminating restricted data. Notwithstanding the block, the website was still accessible in Russia without supplementary access tools such as VPNs. However, the Binance website now also seems on Roskomnadzor’s list of prohibited sites, although access is not restricted. 

The Head of Binance Russia operations, GlebKostarev, has stated that the exchange is still expecting to get the Russian court’s most advanced decision documents. Binance might receive those documents from the court in the next two weeks. He stated that they would give the notification to switch their website from the list as soon as they get the document. According to Kostarev, the blacklisting of their website has not changed the trading volume of the exchange. 

Russia has a not so friendly approach towards cryptocurrencies

Meantime, the Russian law legally defining cryptocurrencies as property became active this month. Nevertheless, the country is not embracing cryptocurrencies with open arms as strict rules are encompassing digital currencies. The nation’s central bank has also issued a directive limiting the number of digital assets a non-qualified investor in Russia can purchase. It is to no more than 600,000 rubles-worth in one year (about $7,740). The laws for how Russians must publish their crypto holdings for tax purposes are still under development.

However, the Binance website is not the only one to suffer the prohibition. The the Russian regulator attached the BestChange.ru website to the blacklist in August 2020. Most lately, Livecoin, a Russian crypto exchange, stopped its services after hackers hacked it last month, which disabled it technically and financially.

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