Exchange Binance is banned in Russia

Russia’s telecom regulator, Roskomnadzor, added Binance, the world’s largest exchange of cryptocurrency, to the country’s blacklist of websites.

The Exchange was blacklisted on June 2, 2020, but Binance only became aware of this on September 24 after receiving communication from Roskomnadzor.

In an announcement on the Russian Telegram channel, Binance said it was included in the list of prohibited domains because its website includes information on the purchase and sale of Cryptocurrency assets such as bitcoin ( BTC ). According to Roskomnadzor, the Russian Federal Communications Supervision Service, the distribution of such data is restricted in the country.

However, the Russians can still access the exchange without the use of censorship-resistant tools such as a virtual private network (VPN). Binance said users’ funds stored on the platform are secure. He is also receiving legal advice on the way forward.

In its announcement, Exchange revealed that it had received no prior notice from Russian authorities of any violations.

We have not previously been notified of any complaints by law enforcement agencies, government civil services or courts before receiving the above notification. We have now hired our legal advisors for further advice and would like to assure all our Russian users that there will be no interruption to their services in the meantime and that their funds are safe.

Roskomnadzor previously blacklisted Bestchange.ru, an important local crypto data aggregator. Digital assets remained somewhat in a grey area in Russia for a long time, although the Eastern European country has now officially classified digital currencies as property.

However, cryptomycins cannot be used to pay for goods and services.

In recent months, Russia’s ministry of finance has released a series of accounts related to cryptocurrency that generally appear to criminalize cryptocurrency transactions.

The country is updating the proposed laws, seeking to impose heavy fines and prison sentences on Russian users who do not declare their gains from cryptocurrency to the country’s tax agency.

What do you think about Binance being blacklisted in Russia? Let us know in the comments section below.

Read also: What is DeFi? Decentralized Finance — Everything You Need to Know

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Read also: Twitter CEO Jack Dorsey, explains why Bitcoin is “the best currency on the Internet”

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