There was a sanction imposed against the top Russian officials and their direct relatives by Binance, but now the exchange has announced it will comply with the sanctions. Binance has decided to block these accounts in compliance with the regulatory guidelines.

Binance closes down Russian accounts

Following the invasion of Ukraine, Russia has faced several sanctions. Western countries have urged cryptocurrency exchanges to comply with these sanctions and ensure that Russian individuals and institutions are not using digital assets to get away from the sanctions.
The CEO of Binance, Changpeng Zhao, has restated the benefits of taking on the legal responsibilities required to stick to the company’s commitments. The account of the 24-year old daughter of the spokesman of Vladimir Putin, Elizaveta Peskova, is among the accounts that have been shut down.

Peskova was classified among the “Kremlin elites” targeted by several sanctions. Binance blocked Peskova’s account on March 3. Nevertheless, Peskova has decried the sanctions against her saying she is not involved with the Russia-Ukraine situation.
The stepdaughter of Russia’s Foreign Minister, Sergei Lavrov, is another sanctioned Russian officials and the son of Russian oligarch Konstantin Malofeyev, who has been sanctioned by Western countries since 2014.

Binance’s CEO commented on the blockage of these accounts, saying the sanction was done against the war, not the people. The global head of sanctions at Binance, Chagri Poyraz, commented on the development, saying that he supported this move by Binance. He added in an interview with Bloomberg that the company had strengthened its division for tracing imposed sanctions.

“What’s different is that our compliance screen operations are ‘proactive’ aiming to detect and deter financial crime risk before any regulatory or legal action towards these individuals or entities,” the report added.

Read more on COINS GAZATTE: https://coins-gazette.com/post-detail/binance-puts-an-end-to-accounts-of-sanctioned-russian-officials

Theft.

No other word for it.