Binance crypto exchange is planning to end its partnership with payment company Advcash, according to a report by the Wall Street Journal. This decision comes on the heels of Binance’s exit from Russia in response to new regulatory changes.
The Wall Street Journal suggests that Binance and Advcash’s collaboration may have played a role in facilitating money transfers between Russian banks affected by international sanctions.
However, Advcash denies these claims. They state that they ceased using the Russian Ruble for credit card transactions in 2022.
Advcash wants to clarify that they are committed to abiding by all laws and regulations. They emphasize their rigorous user verification processes and adherence to Know Your Customer (KYC) and Anti-Money Laundering (AML) rules.
Binance joined forces with Advcash in 2019 to enable transactions in Russian currency. If this partnership were to end, it would significantly impact Binance’s operations in the Russian market.