A Binance spokesperson told the Wall Street Journal (WSJ) that the exchange is re-evaluating its Russian branch.
A Binance spokesperson said in a statement to the media outlet that it is considering the Binance Russia arm. The spokesperson stated that this situation arose due to the fact that the stock market is facing legal risks in the country. This move, which included a total withdrawal for Russian operations, had a repercussion not only on a country level but also on a global scale.
Regulatory problem
The WSJ reports that Binance is helping users in Russia move money abroad. It came after the US Department of Justice investigated whether Binance was used by the Russians to evade sanctions, according to a report published by Bloomberg in May.
Binance is currently finding itself the target of many US regulators, and the Commodity Futures Trading Commission first filed a lawsuit against the firm in March. The Securities and Exchange Commission (SEC) also sued the exchange and CEO Changpeng Zhao last month for alleged violations of securities laws.
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