Binance Ends Partnership With Russian Ruble Partner
Bitcoin News News

Binance Ends Partnership With Russian Ruble Partner

  • Binance might end its partnership with Advcash after leaving Russia, amid concerns over money transfers.

Due to worries about money transfers, Binance may cancel its collaboration with Advcash after leaving Russia.

According to the Wall Street Journal, Binance, a major cryptocurrency exchange, may end its collaboration with payments company Advcash. This follows Binance’s decision to exit Russia owing to new regulations.

The Wall Street Journal suggests that Binance and Advcash’s collaboration may have aided in the transfer of funds between Russian banks subject to sanctions. Advcash, on the other hand, denies this. They claim to have ceased accepting credit card payments in Russian rubles in 2022.

Read Also: Paypal UK Registers With FCA For Crypto Services But Faces Stringent Restrictions

Advcash emphasizes that they strictly adhere to all laws and regulations. They went on to say, “Advcash checks all users carefully and follows KYC and AML rules.” 

Binance began collaborating with Advcash in 2019 for Russian currency transactions. Binance’s operations in Russia will be altered if this cooperation is terminated.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.