Binance Removes Sanctioned Russian Banks From P2P Services
The largest crypto exchange Binance removed sanctioned Russian banks from payment methods of its P2P services. So what happened recently? When the Wall Street Journal reported about facilitating sanctioned Russian banks as payment methods in the Binance P2P marketplace, that was concerning.
After this report, the crypto exchange was highly criticized for listing sanctioned Russian banks like Tinkoff and Rosbank as payment methods. It might put more pressure on the crypto exchange which will be difficult to handle. Binance no longer supports yellow and green codewords anymore.
Probably you are wondering about yellow and green codewords. There must be some reason or use case. Binance removed the sanctioned banks from its payment methods list before. But it appeared later under the yellow and green codewords. Here yellow represents Tinkoff and green represents Rosbank.
Binance is going through tough situations and they do not want to get in trouble for violating sanctions. The exchange quickly took action to remove these yellow and green codewords. People might still use these banks in some ways like mentioning terms and conditions that they will only accept payment from the green bank or yellow bank.
It becomes unclear which crypto is security and which one is not due to an aggressive crackdown in crypto. There are some countries where crypto is not legal and it feels like they will not change their minds any time soon. So what option do people have to get into crypto?
Binance is doing a great job providing peer-to-peer services which it is easy, fast, and reliable. This marketplace has become more popular these days. People are happy using the Binance P2P marketplace. You can purchase crypto at any time as well as sell your crypto to get fiat currency.
The regulatory authority can put too much pressure on the centralized P2P marketplace. People need P2P marketplaces to get into crypto and sell crypto to convert it into fiat currency. I think decentralized P2P marketplaces will be more popular in the future since they can move forward in a challenging environment.
