Binance to end ruble payment partnership with financial services firm Advcash: WSJ

Quick Take

  • Crypto exchange Binance plans to end a partnership with the Belize-based payments firm Advcash, reports the Wall Street Journal. 
  • The move comes after Binance announced it will fully exit from Russia following legal scrutiny. 

Binance intends to end a partnership with a Belize-based payments firm called Advanced Cash, or Advcash, that was used to move funds between sanctioned Russian banks and the exchange, the Wall Street Journal reported, citing people familiar with the matter. 

An Advcash spokesperson told The Block that the firm had not yet received any information from Binance about the plan.

"We unequivocally deny that Advcash facilitated movement of any funds between any sanctioned banks and Binance. Advcash stopped processing credit card deposits in RUB from its customers in March 2022," the spokesperson added.

"As a regulated payment platform, Advcash is committed to complying with all applicable legislation," they continued. "This includes screening of all users using all possible sanctioned persons lists, and employing full KYC and AML procedures via reputable KYC providers."

Binance first partnered with Advcash in 2019 to enable Russian ruble movements, The Block previously reported. At the time, users could deposit and withdraw rubles for its fiat-to-crypto trading platform. 


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Binance's Russian exit

The move comes after Binance announced it intends to fully exit from Russia following legal scrutiny about whether the firm helped Russia evade sanctions. In September, Binance sold its business to crypto exchange CommEx, though the off-boarding process may take up to a year. 

Binance did not immediately respond to a request for comment from The Block.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.


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