Global cryptocurrency exchange Binance is removing sanctioned Russian banks from the peer-to-peer (P2P) service offered on their platform.

Binance announced that some Russian-based banks are facing international sanctions and that these banks will no longer take part in the P2P service. This step is seen as part of efforts to comply with financial regulations and sanctions.

As the cryptocurrency world comes under more and more regulatory oversight, exchanges are also becoming more careful about complying with international financial rules and sanctions. Binance’s removal of the said banks from the P2P service stands out as one of the important steps taken by the platform in this direction.

In a statement, Binance’s CEO stated that the security of users and legal compliance are at the forefront. At the same time, he highlighted the platform’s commitment to complying with global regulations and local laws.

The impact of the application may restrict the access of these banks to crypto trading, affecting their integration into the international financial system. This can be seen as an important example that illustrates the complexity of the interaction between cryptocurrency and traditional finance and the repercussions of changing regulations in this area.