Binance Ends Partnership with Advance Cash, Ruble Users Panic

Binance, the world's largest crypto exchange by trading volume. (Photo; Doc. Bitcoin Insider)

JAKARTA - Binance, the world's largest crypto exchange, continues to adapt to complex regulatory challenges. The exchange has decided to end its partnership with Advance Cash.

This decision has an impact on users who make transactions using Russian currency, ruble. Additional information, Advance Cash is an online payment platform that offers e-wallet services, debit cards, and crypto exchanges. The company was founded in 2014 and is based on the front of it.

Advance Cash offers the ability to deposit and withdraw in rubles. According to a Wall Street Journal report, Binance conveyed its intention to end its partnership with Advance Cash via email to a client. However, Advance Cash stated that they had not received official information about this decision.

For additional information, Binance's partnership with Advance Cash allows users to channel funds from sanctioned Russian banks directly to Binance. In addition to these changes, Binance is also trying to distance itself from a number of payment companies, especially in Europe and America.

Interestingly, this move by Binance took place while the company was being investigated by the US Department of Justice (DOJ), which suspected Binance of being involved in money laundering, sanctions evasion and potential fraud.

As a result, Binance stopped P2P transactions with sanctioned Russian banks. Binance revealed its plans to switch to its subsidiary located in Russia, CommEx.

Not only that, Binance also started having difficulties when payment entity Paysafe stopped supporting fiat deposits and withdrawals. On the other hand, on a positive note, Binance France managed to extend cooperation with Paysafe.