Russia’s grip on crypto just got tighter, and Binance is in the crossfire!

Russia’s ramping up the heat, and the pressure is starting to show. Here’s what is changing and what it could mean for crypto users and businesses.

Did Binance share customer data with Russian investigators?

Binance has been accused of providing Russian authorities with transaction records and personal details linked to Yuri Belenkiy. This is an IT specialist accused of using crypto donations to support Ukrainian fundraising campaigns.

According to law enforcement documents reviewed by Reuters, investigators requested Belenkiy’s transaction history and received his address, phone number, passport details and identification documents.

Belenkiy reportedly sent more than $700 in crypto between January 2023 and March 2024 to the Ukrainian military and an organization called the Azov Brigade.

Binance announced its full exit from Russia in September 2023. At the time, it sold its local operations to CommEX.

The scrutiny is not limited to individual cases…

The Bank of Russia is bringing crypto directly into its financial risk framework.

Under a new draft ordinance, brokers, trustees, forex dealers and crypto exchange offices would have to include crypto holdings when calculating prudential ratios. These are used to measure financial stability.