Binance is full of rumors – Kommersant FM
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Two Russian top managers left the Binance crypto exchange. This happened against the backdrop of rumors that the site could completely curtail work in the country. Gleb Kostyrev, who served as director of Binance in Eastern Europe and Vladimir Smerkis, head of the exchange in Russia, will leave the company today, as they wrote on social networks. Last week, Binance told The Wall Street Journal that it did not rule out a complete cessation of operations in Russia. Can it really happen? Vladislav Viktorov understood.
After the outbreak of hostilities in Ukraine and increased sanctions pressure on the Russian financial system, the Binance crypto exchange tried to take a neutral side. The site introduced serious restrictions for Russians only after the entry into force of the fifth package of EU sanctions – in April, and forbade investors to keep crypto assets worth more than €10,000 on their accounts.
True, a year later the company canceled this measure, and already in August it introduced restrictions on p2p transactions. Now from Russia they can only be carried out in rubles. This made it impossible for Russians to send money abroad, which was in great demand among those who left the country. And now two Russian top managers have also left the crypto exchange. And Artem Genkin, CEO of the Consulting and Analytical Union, does not exclude that this is a sign of the company’s imminent departure from Russia. Otherwise, it could cost her dearly, says the interlocutor of Kommersant FM:
“Formally, probably, the opportunity to carry out some payment transactions with Russian residents will remain, but a ban will be imposed on entering international markets. For this site, the Russian clientele is quite valuable, but possible fines from regulators, primarily the American one, can be simply ruinous. They would rather give up profits than start going against the will of Central Banks from unfriendly countries.”
And Binance’s problems in the US are really serious. In May, the US Department of Justice suspected the site of helping the Russians bypass sanctions and began its investigation. The company assured then that they strictly monitor compliance with the restrictions. But on August 22, journalists from The Wall Street Journal reported that Russians are still making a lot of transactions.
Moreover, transactions are carried out even with the help of sub-sanctioned banks through a p2p service. And on August 30, the media found out that the US Securities Commission sent a closed petition to the court in the case against Binance, which includes 35 physical evidence. And we can talk about allegations of money laundering. So experts are already calling for thinking about withdrawing their assets from the crypto exchange. Although even after the official announcement of his departure, there will be enough time, says Yury Brisov, partner at Digital & Analogue Partners:
“Usually, the exchange sends information to all wallet holders that from a certain date access to them will be completely blocked. As a rule, funds are not frozen, this requires certain legal grounds, so exchanges give time to withdraw all assets. Accounts will be in suspended mode, most likely, they will be deleted. If some tokens remain somewhere, access to them will be limited for a while.”
However, the likely departure of Binance does not mean that the Russians are completely deprived of a convenient way to transfer money abroad. There are alternative crypto-exchanges, but there are no guarantees that they will not be under pressure, says Viktor Pershikov, an analyst at the cryptocurrency market:
“There are several platforms, like Binance – these are OKX, and KuCoin, and the Bybit exchange. The Russian market is one of the target markets for many crypto exchanges, from 10 to 20% of the volume of all transactions on these sites is made from the Russian Federation. And, of course, there are risks that Western countries, primarily the United States, will continue to put pressure on crypto exchanges. Here, of course, the sites will need to decide what to do: keep their business, or still stay and continue to work.
By the way, problems with alternative platforms already sometimes arise. For example, on August 29, the OKX platform banned transactions with the ruble. And the Bybit exchange stopped accepting cards from sanctioned Russian banks.
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