The largest cryptocurrency exchange Binance plans to stop cooperation with the Advanced Cash payment system, writes RBC Crypto with reference to The Wall Street Journal.
According to the publication, the Advanced Cash payment service allowed users to transfer funds from Russian banks under sanctions to the exchange.
Advanced Cash, also known as AdvCash, is registered in Belize, a country in Central America. The service entered into a partnership with the exchange in 2019 and allowed the transfer of funds between Binance and the largest Russian banks, including Sberbank, Alfa Bank, etc.
In September, the Binance exchange announced it was leaving Russia amid pressure over non-compliance with sanctions measures against Russian users. Over the coming months, the exchange plans to close all services and other business areas in Russia.
On the evening of October 31, the largest authorization protocol for cryptocurrency wallets, WalletConnect, announced that it was restricting access for users from Russia.
Source: Cryptocurrency
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