Russia-Ukraine War: Crypto exchange Binance won’t accept cards of sanctioned Russian banks

New Delhi: Cryptocurrency exchange Binance, on Thursday (March 3), said cardholders of sanctioned Russian banks would not be able to use them on their platform and confirmed that sanctioned individuals have had their access restricted.

Some of the world’s biggest cryptocurrency exchanges are staying put in Russia, breaking ranks with mainstream finance in a decision that experts say weakens Western attempts to isolate Moscow following the invasion of Ukraine.

Meanwhile, the European Commission is studying whether crypto assets are being used to get round financial sanctions imposed on Russian banks following the country`s invasion of Ukraine, a senior European Union official said on Wednesday.

Trading volumes between the Russian rouble and the Tether cryptocurrency spiked on Monday as the local currency tumbled to a record low on Western sanctions.
Crypto-exchange Binance has, however, blocked accounts of any Russian clients targeted by sanctions.

A senior EU official said the EU is aware that crypto assets were a "possible circumvention route" to avoid sanctions imposed by the bloc and other western powers.

The EU`s executive European Commission has been reading reports in the press on crypto assets and has also received information directly, the official said. Also Read: Gold Price Today: Russia-Ukraine war sends yellow metal higher; check latest rate in your city

"The increase in value of some of these assets may be a response to attempts to circumvent the sanctions. We are looking into this, but no decision has been taken," the EU official said. Also Read: Piyush Goyal asks industry to explore ways to raise manufacturing contribution to 25% of GDP