OKX and ByBit Exclude Sanctioned Russian Banks from Their Payment Networks

Two prominent cryptocurrency exchanges have followed in the footsteps of Binance by excluding Russian banks that are subject to international financial sanctions from their roster of payment options. Notably, Tinkoff Bank and Sberbank have been removed from the list of peer-to-peer (P2P) transactions available on ByBit and OKX platforms.

Recent reports from Russian media outlets have highlighted that local users are no longer able to receive fiat currency in exchange for their cryptocurrencies through Tinkoff or Sberbank accounts on the P2P platforms of both OKX and ByBit. Interestingly, there haven’t been any official statements released by either company through their official channels regarding this development.

However, as of the time of this report, OKX still permits users to receive fiat currency in their accounts from the Russian branch of Raiffeisen Bank and the Russian Standard Bank. These financial entities have not found themselves included in the sanctions list compiled by the United States Treasury.

The heightened scrutiny surrounding the presence of sanctioned Russian banks within the payment options of cryptocurrency exchanges came to the fore last week, triggered by a report from the Wall Street Journal. The report revealed that Binance was listing Tinkoff and Sberbank as transfer methods. Interestingly, on August 24, the recognizable brands of Tinkoff and Sberbank vanished from Binance’s P2P platform, although the color-coded designations representing their respective brands were still visible. A day later, the Wall Street Journal reported that these sanctioned banks had been entirely removed from the list, quoting a spokesperson from Binance.

Despite the intended removal, a discovery has shown that users on Binance’s P2P platform are still placing advertisements for sales while designating “the green bank” as their preferred payment choice. While these users might mention alternative payment methods like the Russian Standard Bank or Ak Bars Bank, their “advertiser’s terms” unmistakably indicate a preference for transfers through “the green bank.”

Similar observations have been reported by various media outlets regarding both OKX and ByBit. Traders on these platforms are still privately offering the option of conducting exchanges via sanctioned banks.

For more news, find me on Twitter or subscribe to my YouTube channel.

What is your opinion on this issue? Leave me your comment below! I’m always interested in your opinion!

Leave a Reply

Your email address will not be published. Required fields are marked *

Recommended for you