Benzinga - Cryptocurrency exchange Binance is reassessing its operations in Russia, contemplating potential strategies including a complete departure from the market that once held significant value but has since become problematic.
A representative from the company told The Wall Street Journal, "All options are on the table, including a full exit." Previously, the Journal highlighted that Binance was facilitating the transfer of funds overseas for Russians.
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This came as a surprise since Binance had announced the previous year that it had ceased operations in Russia, was adhering to Western sanctions, and had imposed trading restrictions on its Russian platform.
Following this, Binance took measures to curtail peer-to-peer transactions linked to sanctioned Russian financial institutions.
Last week, Binance halted its cryptocurrency-supported debit card services for customers in the Middle East and Latin America.
This card, which functioned like regular debit cards, enabled Binance customers to manage daily costs using their cryptocurrency holdings.
The company noted that this change will influence a minor segment of its clientele in the specified areas, affecting fewer than 1% of its users.
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