Keep up to speed at a glance with the Top 10 daily storiesFILE PHOTO: Russian opposition leader Navalny attends a rally to demand the release of jailed protesters in MoscowFILE PHOTO: Changpeng Zhao, CEO of Binance, speaks at the Delta Summit, Malta's official Blockchain and Digital Innovation event promoting cryptocurrency, in St Julian'sBy Angus Berwick and Tom Wilson
Kostarev didn't comment for this article. Binance told Reuters it had never been contacted by Russian authorities regarding Navalny. It said that before the war it was "actively seeking compliance in Russia," which would have required it to respond to "appropriate requests from regulators and law enforcement agencies."
Binance's trading volumes in Russia have boomed since the war began, data from a top industry research firm shows, as Russians turned to crypto to protect their assets from Western sanctions and a devaluing rouble. In one recent message to an industry contact, Kostarev said Binance's priority was to ensure the market stayed open, so the exchange wasn't "making a fuss." He didn't elaborate.
In line with a draft law to regulate crypto companies, Binance agreed with Rosfinmonitoring to set up a local unit in Russia through which authorities can request client data, the Kostarev messages reviewed by Reuters show. Asked whether it had proceeded to set up this local unit, Binance responded, "Should we consider establishing a local entity in Russia in the future, Binance will never share data without a legitimate law enforcement request.
People close to Binance said it supported the draft law because, once passed, crypto exchanges would be required to partner with Russian banks, allowing customers to deposit and trade significantly more funds. Rosfin, in a written response to Reuters' questions, said it fully complies with international standards of operational independence in areas including regulating the activities of virtual asset service providers. Chikhanchin didn't comment.
Lawyers for Binance said it was "false equivalency" to conflate "distinct issues of our client's responsiveness to law enforcement disclosure requests, with licensing applications for its own business that would involve wholly different types of disclosures.
"People just trusted it. It was always a step ahead of competitors," said Maksim Sukhonosik, a Russian crypto trader and co-founder of blockchain consulting firm Colibri Group.
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: YahooSG - 🏆 3. / 71 Read more »
Source: YahooSG - 🏆 3. / 71 Read more »