Globally recognized digital assets provider Binance has left its services accessible to non-sanctioned Russian nationals even after the latest wave of European Union sanctions against the war-ladened nation. According to Binance’s newly appointed head of sanctions Chagri Poyraz, this is not an indication that the exchange is not complying with the EU sanction.
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“We do obviously follow all the EU sanctions, but there is room for improvement when it comes to clarity. […] We are trying to follow sanctions as they are. The challenge is not overdoing, doing what you’ve been told. The regulation has to be clear,” he clearly stated
He argued that crypto sanctions are a nascent sector that is devoid of guidance and needs more clarification especially, after the eighth wave of the EU sanction which was rolled out earlier this month.
As the global head of sanctions for Binance, Poyraz’s responsibilities include ensuring that the exchange is in compliance with all globally issued compliance.
No matter how stringent these sanctions are, Binance is expected to fully comply. He is also responsible for developing control frameworks that resemble the guidelines explored by traditional banking systems.
Chagri Poyraz leads over 500 Binance compliance executives who are spread in all of the exchange’s outlets worldwide. Some of these executives specialize in sanctions control, including Anti-Money Laundering (AML), name screening, and other procedures.
Binance Strive to Comply With Sanctions
Right from the beginning with the first wave of EU sanctions, Binance has had challenges but has also strived to comply. In the heat of the war between Russia and Ukraine, the digital assets provider blocked a couple of non-government-controlled territories of Ukraine, including annexed regions like Donetsk and Luhansk.
Apart from such comprehensive sanctions issued by the EU, Binance has also sanctioned some Russian accounts based on target sanctions.
Target sanctions are usually directed at specific individuals, companies, or activities. Proving Binance’s commitment to actively monitor the situation between the two troubled countries, Poyraz announced that the war is still actively ongoing in the region.
So far, a few crypto firms have restricted their Russian customers in compliance with the EU sanctions.
Blockchain.com sent emails to its users informing them that it would be blocking accounts with any connection to Russia. Dapper Labs announced that it is no longer offering payment options to Russian Non-fungible token (NFT) owners and users.
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