Regulators in Russia have been quite strict when it comes to crypto regulations. In a move to prevent crypto use in the nation, regulators had been blacklisting websites of crypto businesses, and one of the companies affected by this was the popular crypto exchange Binance. However, recent reports have revealed that the website is no longer blacklisted after a new court ruling was passed.
According to a January report from Russian news agency Kommersant, the Arkhangelsk Regional Court has rolled back the previous decision to blacklist the Binance website in Russia. The news was later confirmed by Binance’s head of operations for Russia and the CIS, Gleb Kostarev, who informed that the hearing took place on January 20.
As previously reported by The Daily Chain, a September 24 announcement on Binance’s Russian Telegram channel revealed that the exchange was added to this blacklist by Russian telecom regulator Roskomnadzor, due to the distribution of data related to the acquisition of digital currencies like Bitcoin.
Back then, Binance stated that it had no information regarding this decision by Russian regulators, adding:
“We were not previously notified of any claims by law enforcement agencies, civil government services or courts prior to receiving the above notification. We have now engaged our legal counsels for further advice and would like to assure all of our Russian users that there will be no disruption to their services in the interim and that their funds are safe.”
As of now, Binance’s website is still listed on Roskomnadzor’s list of prohibited sites, but users can access the website without any issues.
Kostarev added that Binance is yet to receive the latest court documents regarding this decision and it is expected to arrive within the coming two weeks. “After getting a document we will send a notification to remove us from the list,” he noted.
No affect on Trading
Despite the blacklisting, Russian users were still able to access the website without any additional tools like a VPN. As such Kostarev confirmed that the blacklisting did not impact the exchange’s trading volumes in Russia.
“Though the September ban had no impact on our volumes in Russia, for us it was important to protect our reputation and appeal in this case.”
The recent comes right after a new order was signed by the nation’s President Vladimir Putin. The order requires any public official or individual who works or plans on working with the government to disclose their digital assets, as well as those of their spouse and children.