Binance blocks crypto accounts of relatives tied to the Russian government

[Similificator]

Yes, You read that right. Binance has taken their bans against Russian people up a notch. Which is quite clever on one side and on the other, quite unfair. Imagine being on a different country miles away from Russia but having relatives there and you suddenly see that your account has just been banned from binance. That'd be pretty infuriating.

I really can't decide myself whether this action is proper or not.

For people out there though that get to read this post and may get affected by this, I advise that you start taking precautions and transfer to a different exchange.

Anyway, what do you guys think about this?


News link: https://cointelegraph.com/news/binance-blocks-crypto-accounts-of-relatives-tied-to-the-russian-government

[NeuroticFish]

I really can't decide myself whether this action is proper or not.

In war nothing is nice, nor fair, nor "proper".
I'd guess that Binance was nicely, but also officially, asked to block this or that. It's not the first time they obey official papers and lock users' funds.
Since the moment they started working together with the authorities and regulators (and no longer run from them), this kind of actions are pretty much expected, hence I'll even call them normal, I'll even consider them somewhat late.

[Hydrogen]

These measures are meant to hurt russians and inflict injury on russia's economy. The motive is to put pressure on russians in an effort to persuade them to blame Putin for all of these harsh measures brought against them. This is a common tactic that is used in many cases in the modern era.

There is a chance that rather than divide or hurt russia. These measures could unite and solidify russian support behind Putin instead. I would be interested to know who russians hold accountable for these harsh measures. Do they blame Putin or foreign interests.

Russia has been hit with sanctions and similar measures for many years. Russians might have noticed how sanctions impact their standard of living and access to modern markets and goods, even before the invasion of ukraine. Before the conflict in crimea. Is this new for them?

[ultrloa]

Yes, You read that right. Binance has taken their bans against Russian people up a notch. Which is quite clever on one side and on the other, quite unfair. Imagine being on a different country miles away from Russia but having relatives there and you suddenly see that your account has just been banned from binance. That'd be pretty infuriating.

I really can't decide myself whether this action is proper or not.

For people out there though that get to read this post and may get affected by this, I advise that you start taking precautions and transfer to a different exchange.

Anyway, what do you guys think about this?


News link: https://cointelegraph.com/news/binance-blocks-crypto-accounts-of-relatives-tied-to-the-russian-government

Maybe this is counteraction to their government using cryptocurrency and they want to crumple them again for doing this actions.

We can say that Russia is really in trouble now and if more sanction will come to them maybe we can see Russia fall. Hopefully this one will not create any side effect to the whole crypto community.

[jackg]

These measures are meant to hurt russians and inflict injury on russia's economy. The motive is to put pressure on russians in an effort to persuade them to blame Putin for all of these harsh measures brought against them. This is a common tactic that is used in many cases in the modern era.

The article starts with a spokesman's daughter having her funds locked on the exchange, this doesn't look like an attack on the Russian people but still the kremlin.


Binance want regulation on the west because that's whereost of their exchange makes its revenue and that was the goal (hence they incorporated themselves in Singapore and not Hong Kong or China).

There are crypto exchanges in Russia that allow people to trade with rubles. Therell be crypto exchanges in countries like India that won't need to follow EU/UK and US sanctions that might also remain open for Russians to use.

[Erumo]

Many will read this article as "Binance blocks crypto accounts of Russians". Does Russian government hold crypto on Binance? Looks bs to me. These guys have numerous bank accounts in offshore banks, filled with US dollars. Imho, with such action, Binance only harms their reputation. All Russian users will migrate from it during next few months.

[Pomogator]

This sometimes proves that Binance will do everything that is whispered to it from the outside. If now they are doing this with Russian officials who are objectionable to everyone, then in the future this can happen to everyone. I see this as a wake up call for all of us.

[stompix]

Imagine being on a different country miles away from Russia but having relatives there and you suddenly see that your account has just been banned from binance. That'd be pretty infuriating

Oh common, before getting infuriated at least read the article!
It's not like the average Igor who has fled the country 30 years ago and still has some 7th-degree relative that has become a city council in Chekalin is going to have his funds seized.

According to the report, the affected persons included Elizaveta Peskova, the daughter of Russian President Vladimir Putin’s spokesman, Dmitry Peskov, and Polina Kovaleva, the stepdaughter of foreign minister Sergei Lavrov. Binance said it had also blocked Kirill Malofeyev, the son of Konstantin Malofeyev, a Russian oligarch who was previously charged with violating sanctions from the United States.

Let's see
-daughter of Mordor's spokesperson
-stepdaughter of the foreign minister
-son of an oligarch with a net worth of billions

So while they threaten everything western and discuss how even if they nuke the whole world they will be the only ones going to heaven they still try to use foreign services. Why not stick to their own exchanges and their precious rubles?

[suzanne5223]

Many will read this article as "Binance blocks crypto accounts of Russians". Does Russian government hold crypto on Binance? Looks bs to me. These guys have numerous bank accounts in offshore banks, filled with US dollars. Imho, with such action, Binance only harms their reputation.

First, we don't know for sure if the Russian government holds crypto on Binance but with Binance being the most reputable crypto exchange in the market there's a chance for the Russian government to hold some crypto on Binance in spite of numerous crypto and fiat in offshore bank/crypto exchange.
But I don't see any reason why the Binance decision will affect their reputation or do you forget that Binance is a CEX, not DEX, and they have some rules and regulations to follow.

All Russian users will migrate from it during next few months.

This is expected because when the rumor of Binance blocking Russian related accounts it's a sign that the decision may happen anytime and even if Binance don't want to do it their Master License holder will force them to take the action.

[boris singer]

Instead of aiming as a forum for freedom of transactions, Binance finally showed some sides. regardless of the rules currently in force Russia could make several alternatives. As sanctions after sanctions have been imposed on Russia, the fact is that it is difficult for me to understand how until now Russia has been able to survive and carry out military operations. Is there any suspicion that this has all been prepared for a long time, so that it can ward off the sanctions that Russia has received little by little?

[The Cryptovator]

Binance was neutral from the beginning by not banning Russian Citizens. Doesn't matter they have donated to Ukraine, I will not consider them taken aside. Learned from the article, Binance banned accounts of the person who is under sanctions. Most likely it's pretty simple, it might be due to regulation and likely they are forced to do it. Though we don't know the reality, but it's not surprising actually.

[Hamphser]

I really can't decide myself whether this action is proper or not.

In war nothing is nice, nor fair, nor "proper".
I'd guess that Binance was nicely, but also officially, asked to block this or that. It's not the first time they obey official papers and lock users' funds.
Since the moment they started working together with the authorities and regulators (and no longer run from them), this kind of actions are pretty much expected, hence I'll even call them normal, I'll even consider them somewhat late.

For a  centralized platform then it is never that surprising on having these kind of decisions on which they could really always be having some decisions which would really been putting themselves into the position

on having no choice but to comply or else that would really be putting their business at risks which its not really that surprising that they do come along with the herd specially now that
majority is really against Russian government and there's nothing we could do about it if they do make out such decisions and its true that they are somewhat late for this one.

[gantez]

This sometimes proves that Binance will do everything that is whispered to it from the outside. If now they are doing this with Russian officials who are objectionable to everyone, then in the future this can happen to everyone. I see this as a wake up call for all of us.

This is a typical action of a centralized exchange and playing with the political economy of the people. This is not the best for the cryptocurrency market. I think that avoiding this ban would have put binance in the good books. Binance has been a player of this kind of action trying to be involved in politics of the world.

[BIT-BENDER]

For what its worth I Think on the part of those banned I think it’s unfair, being a relative to people from Russia wasn’t a personal choice it’s just nature, and it could be possible that some had their whole Crypto-currency savings in such accounts, I understand many companies are trying to use all this as actions to frown at the the Russian government to attack Ukraine. Well as the advice has always went, don’t keep your savings on an exchange its best to get a private wallet to store them, with all this it goes to show that big crypto exchange are fast going centralized and this is scary.

[teosanru]

Yes, You read that right. Binance has taken their bans against Russian people up a notch. Which is quite clever on one side and on the other, quite unfair. Imagine being on a different country miles away from Russia but having relatives there and you suddenly see that your account has just been banned from binance. That'd be pretty infuriating.

I really can't decide myself whether this action is proper or not.

For people out there though that get to read this post and may get affected by this, I advise that you start taking precautions and transfer to a different exchange.

Anyway, what do you guys think about this?


News link: https://cointelegraph.com/news/binance-blocks-crypto-accounts-of-relatives-tied-to-the-russian-government

Are you sure this is true? Last I remember was Binance clearly stating that they won't ban any accounts of people from Russia. Now It's surprising and also ironic that accounts of relatives of Russian officials is being banned. I think there is no way you can trust these exchanges with your money, like I would obviously never want my exchange blocking my account because my distant relative did something. This is just too wierd, forget about being fair i feel it's stupid.

[ajochems]

The bitcoin had helped the Russian government a lot during the war.So the people of the Russia had started to use the bitcoin for their personal use .The influenced of the American also impact the Binance .But it was huge confusing,Binance helped the Ukraine for the war.So I think,it was second help to the Ukraine by banning the Binance account of the Russian government relatives.

[roslinpl]

It was the move by the United States against the Russia.The Russian war had impact us the lot.Every where their was the huge economic crisis,people suffering to have their three day meals.It was boon to the poor people before,this move to huge people now.The cost of the all the household items also huge.This Binance moves will reduce the flow of bitcoin in the hands of Russian government.

[goaldigger]

So their first statement about not to get involve on those sanctions against Russia are now revised?

Well, I know Russia must be punished for their actions on invading Ukraine and ruining the life of innocent people but since this is cryptocurrency, this only proves that it is still centralized and you are on a big risk if you put too much money on CEX because it can be frozen any time especially if your government take actions like this which is beyond your control. Most probably, Russian people are already thinking about withdrawing their money on Binance and putting it on Hard wallet instead, let’s see the effect on this one on a so called Decentralized crypto.

[Johnyz]

The article says they are closely monitoring the accounts of Russian people, especially those who are close relatives of the government officials since they can commit finance crime which I think is really possible. Binance still commit about not closing the account of the innocent people, we don’t really know what’s the next move of Binance but for me, its better to be safe than to say sorry later on, it you’re Russian starts looking for good alternative on storing your cryptocurrency, if its CEX it can still be controlled by the pressure of the government.

[Cookdata]

This is a typical action of a centralized exchange and playing with the political economy of the people. This is not the best for the cryptocurrency market. I think that avoiding this ban would have put binance in the good books. Binance has been a player of this kind of action trying to be involved in politics of the world.

Of course, what do you expect when CZ is been invited to many government dealings and in return for a green signal to operate without the interference of local watchdogs and regulators? I'm not in support of whatever wrongs that family may have done to upset the Russian government and the relatives but what least could anyone think will come out of any exchange that has made KYC a mandatory exercise for all his customers.

This is not the first we have heard about exchange freezing customer's accounts due to political and government collaboration, this should be a signal to others who are yet to do KYC on any exchanges like Binance.