Binance dubs barred Russian banks on its platform as ‘Yellow’ and ‘Green’ cards

Binances peer-to-peer (P2P) cryptocurrency exchange in Russia has continued helping with transactions through approved banks like Rosbank after denying relationships with “any banks.”On Aug. 23, several regional news sources reported that Binance P2P has actually relabelled a few of its distressed payment choices for withdrawals and deposits, namely the approved Russian banks like Tinkoff and Rosbank.The P2P exchange replaced the banks names “Tinkoff” and “Rosbank” with terms like “Yellow” and “Green” cards, Cointelegraph has confirmed.At the time of composing, Binance P2P uses customers making use of the “regional cards” to offer cryptocurrencies like Tether (USDT) to Russian rubles and get them on sanctioned Tinkoff or Rosbank.Binance P2P user interface in Russia on Aug. 23. Source: BinanceThe brand-new naming obviously came shortly after The Wall Street Journal on Aug. 22 reported that Binance used Russian customers at least five sanctioned Russian banks, consisting of Rosbank and Tinkoff, as alternatives for processing payments.In the WSJ report, Binance executives rejected any relationships with “any banks whatsoever, in Russia or elsewhere,” in relation to its P2P platform. “Binance follows the international sanctions rules and implements sanctions on individuals, companies, entities, and countries that have been blacklisted by the global community, denying such stars access to the Binance platform,” the business said.The news came a couple of days after Binance services in Russia were promoted on a YouTube channel of a major Russian YouTuber, Yuri Dud. A current video on his vDud YouTube channel– which has 10.3 million customers– included an ad of Binance services, providing 5 USDT in exchange for signing up on the platform.In the video, Dud likewise promoted Binance Earn, which allows users to make passive income on crypto through a variety of products like flexible cost savings, locked cost savings, staking and liquidity mining.Yuri Duds YouTube channel vDud. Source: YouTubeIt appears to be uncertain how the latest news lines up with the Western sanctions against Russia. In February 2023, the European Council sanctioned Russian banks like Tinkoff and Rosbank as part of its 10th package of sanctions on Russias war against Ukraine. The United States likewise put sanctions on Tinkoff in May 2023. Related: Binance restricts withdrawals in Europe, points out payment processor issuesThe news comes months after the U.S. Department of Justice security department supposedly released an examination of Binance for permitting Russians to utilize the exchange in offense of U.S. sanctions.Binance has actually not been the sole cryptocurrency exchange that has actually been assisting in such transactions in Russia, though. Other significant P2P crypto exchanges, consisting of Huobi and OKX, likewise permit transfers with Tinkoff, Rosbank in addition to Sberbank at the time of writing. Huobi and OKX didnt immediately react to Cointelegraphs request to comment.P2P payment choices in Russia on OKX (left) and Huobi (right). Source: CointelegraphBinances agents declined to comment to Cointelegraph on either its advertisements on Duds YouTube channel or its present services in Russia. “Our comments are currently shown within the WSJ report. We will not be commenting any further on this topic at this time,” a representative for Binance said.The company didnt right away react to Cointelegraphs demand to comment on the concern of relabeling the sanctioned banks to “Yellow” and “Green” cards.Magazine: Big Questions: Did the NSA create Bitcoin?