Binance terminates ruble payment partner
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russian events Binance Attention is back. Recent reports indicate that the exchange has taken steps to distance itself from the market after announcing a complete exit, selling its regional operations to CommEX, a new and little-known pandemic amid accusations of sanctions violations. .
Binance cuts ties with Advcash
On Wednesday, November 1, the Wall Street Journal reported Binance Planning to cut ties with Advanced Cash (also known as Advcash).
According to media reports, the payment processing company, which has allowed Binance customers to deposit and withdraw rubles since 2019, has allowed funds to flow from sanctioned banks to the exchange.
Binance did not immediately respond to DailyCoin’s request for comment. However, an Advcash spokesperson said that the company has not received any notification from Binance regarding the termination of the partnership.
The spokesperson also strongly denied facilitating transactions that violated Office of Foreign Assets Control (OFAC) sanctions.
The recent report comes as Binance is already facing lawsuits from the U.S. SEC and CFTC and is taking action to avoid further regulatory violations and sanctions.
Advcash’s questionable background
On the surface, Advcash is a payments processor that leverages banking relationships to help companies like Binance access banking services and provide fiat currency.
However, in July 2023, a report from Protos pointed out the connection between Advcash and BTC-e, a defunct cryptocurrency exchange that was exposed as a money laundering operation in 2017.
Advcash CEO Yaacov Bitton is also associated with a Moscow-based crash-and-dump project called Native Video Box. The project hired Bitton as a consultant in 2018.
We are proud of our consultants – top industry professionals
Yaacov CEO and Co-Founder Bitton Advanced Cash: an easy-to-use and versatile online payment system that is one of the most popular payment service provider gateways for fiat token operations in the cryptocurrency community. pic.twitter.com/GKQZSURaxR— NVB Channel (@nvb_channel) January 23, 2018
Overall, Advcash’s operations remain largely opaque, as its license from the Belize Financial Services Commission provides little information.
information Bitcoin Synthetic.
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