Binance Exchange responded against the Reuters allegations on sharing of user data & details with the Russian investigation agency and described it as “categorically false”.
Recently Reuters published a report and claimed that crypto exchange Binance handed over the user’s data to Russia’s financial intelligence unit, then called Rosfinmonitorign (Rosfin),
In response, On 23 April, Binance exchange published its report on this matter and noted that all the allegations are false because terms & conditions and privacy policies have full authority to reject the order of any agency or country, until they provide proper reason behind the request.
“Any government or law enforcement agency in the world can request user data from Binance as long as it is accompanied by the proper legal authority. Russia is no different. Fulfilling disclosure obligations to the authorities in each jurisdiction is a large part of becoming a regulated business and Binance fulfills its legal obligations.”
Investigation against Alexei Navalny
According to Reuters, the main reason behind the user data handover to the Russian government agency was to trace the details and activities of users which were linked with Alexei Navalny.
Alexei Navalny was a leader against Russian president Vladimir Putin, who raised funds to facilitate controversial matters and campaigns against Putin. Reportedly Rosfin has deemed Navalny’s network a terrorist organization. For such allegations, Navalny was sentenced to prison.
Binance against Russia
To follow the international sanctions provisions against Russia, the Binance exchange imposed a ban on all Russian government agencies and related crypto accounts and addresses with exceptions to allow ordinary Russian users to keep using services without any restriction.
Binance and also all the crypto exchanges also followed a similar kind of ban on Russia to follow the Sanctions provisions.
On 21 April, Binance informed the users through a blog post that allowed crypto accounts on Binance will be allowed to use Binance crypto services but with the limitations of withdrawal limit $10,885 worth of crypto assets.
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