Russia adds Binance to blacklist amidst crypto trading reform
Binance, the biggest crypto exchange in the world, is facing an onslaught from the Russian government in its crackdown on cryptocurrency. Only days after the Russian Ministry of Finance imposed new regulations on crypto trading, the Russian Roskomnadzor added Binance to the list of prohibited websites.
The Roskomnadzor is Russia’s watchdog for communications, mass media, and technology. It claimed that Binance contains “forbidden” knowledge about digital payments and information about purchasing Bitcoin.
Binance confirmed that it had received a notification from Russian authorities about the prohibition. Furthermore, the company emphasised that everyone’s funds on the website’s servers were safe, and assured that it would continue to offer its services. Local news sources stated that Binance wasn’t given a preceding indication about the decision.
Russia is pursuing a hunt on cryptocurrency. The government has once previously banned a crypto trading company called BestChange, an aggregator of over-the-counter cryptocurrency.
Additionally, the Russian Ministry of Finance has proposed increased regulation over the disclosure of crypto assets. This legislation is due for execution in 2021 and will make amendments to the Criminal Code. Punishments for non-disclosure of crypto assets over 1 million Rubles includes imprisonment for up to 3 years or large fines.
Putting Binance on a blacklist is Russia’s latest move in its crackdown on cryptocurrency.