The AdvCash payment service was registered in Belize and allowed Binance to bypass sanctions and receive deposits in rubles from the accounts of sanctioned Russian banks. It seems that as part of its withdrawal from the Russian market, Binance plans to revoke the agreement with the service. Representatives of AdvCash told the publication that they have not currently received any notifications from the cryptocurrency exchange.
“We unequivocally deny that AdvCash facilitated the movement of any funds between sanctioned banks and Binance. AdvCash stopped processing ruble credit card deposits from its customers in March 2022. As a regulated payment platform, we comply with all necessary requirements. “Including, we check users using all possible sanctions lists, and also apply full-fledged KYC and AML procedures using reputable KYC service providers,” said a service representative.
In August, it was reported that Binance had disabled support for plastic cards of some Russian banks, but AdvCash and Payeer systems, as well as cards from less popular banks, were still available to users.
Source: Bits
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