Binance is working to comply with the sanctions on Russia, which have been imposed by Western governments, following the invasion of Ukraine.
Additionaly, Binance announced that they are donating $10 million to the Ukraine Humanitarian Effort and will launch a crypto-first crowdfunding site to further help provide aid to Ukraine.
The company also launched a crypto-first crowdfunding site, which is called Ukraine Emergency Relief Fund, as a means of allowing people to donate crypto to help provide emergency relief to refugees and children, as well as to support logistics on the ground, such as food, fuel, and supplies.
Source: binance.charity/Ukraine-Emergency-Relief-Fund
Complying While Minimizing Impact to Innocent Users
Binance has established a dedicated global compliance task force, which includes world-renowned sanctions experts.
They are also taking all of the required steps towards ensuring that they can take action against those who had sanctions levied against them while also minimizing the impact on innocent users.
The company also said that it would comply with any further sanctions which have been imposed by the international community. This comes after Binance U.S. started getting investigated by the SEC over Trading Affiliates.
On the Flipside
- The cryptocurrency industry has taken a novel role within the war in Ukraine, where millions worth of digital assets donations have flooded to support the Ukrainian defenses.
Why You Should Care
This is an indication that Russian firms, as well as investors, might explore crypto services to bypass all of the current sanctions.
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