Binance CEO Changpeng Zhao speaks out regarding the current misconceptions of the company's approach to sanctioning users in Russia. cz_binance: 'Binance follows international sanction rules strictly.' Read CZ's detailed thoughts below ⤵️
“Banks apply sanctions, but Binance doesn’t.” Again, nothing can be further from the truth, Binance applies the same sanctions rules as the banks, according to international standards.Why won’t Binance go one step further and sanction/freeze all Russian users' assets?
Another reason Russia would not want to use crypto is that it is too traceable. And governments around the world are already very adept at tracking it, look at the Bitfinex hack for example. We have very clear Standard Operating Procedures for when we identify risky transactions related to sanctions. This includes account restrictions, filing of STRs/SARs and transference of assets to law enforcement.The team and the processes that are outlined above are working 24 hours a day - literally - on the imposition of new sanctions on Russian individuals and entities. One surprising stat, we reviewed all the sanction list closely, and have off boarded one so far. Wait - just one? Yes, one.
We believe that only through a strong Customer Identification Programme can sanctions and risk relating to Specially Designated Nationals be mitigated.
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