OKX and Bybit, two major players in the cryptocurrency exchange arena, have taken decisive steps to remove sanctioned Russian banks from their list of available payment options. This move follows in the footsteps of Binance which also recently excluded Russian banks subject to sanctions from its payment choices.
Notably, Tinkoff Bank and Sberbank are the entities affected by this decision. Their removal from the list of P2P transactions on Bybit and OKX has caught the attention of the cryptocurrency community.
Transition and Available Alternatives
The decision to remove Tinkoff Bank and Sberbank from the P2P transaction list on OKX and Bybit has significant implications for users within the Russian market. Local users, as of now, are no longer able to receive fiat money in exchange for their cryptocurrencies through these particular banking institutions on these platforms according to local report.
Despite this substantial development, neither company has issued any official statements through their official communication channels.
It’s worth noting that while Tinkoff Bank and Sberbank have been excluded, OKX still provides an avenue for users to receive fiat money through the Russian branches of Raiffeisen Bank and the Russian Standard Bank. These institutions remain unaffected by sanctions imposed by the United States Treasury. This further makes them viable options for users seeking a seamless fiat-to-crypto conversion process.
Awareness Triggered by The Wall Street Journal and Concrete Actions
The attention on the presence of sanctioned Russian banks within the platforms further gained momentum. This was with a report by The Wall Street Journal. The renowned publication highlighted that Binance initially listed Tinkoff Bank and Sberbank as transfer methods, prompting a wave of discussions on this topic.
Subsequently, on August 24, both Tinkoff Bank and Sberbank vanished from the Binance P2P platform. However, visual representations of their brand colors remained visible.
The Wall Street Journal’s report spurred tangible actions within the cryptocurrency exchanges’ ecosystem. The sanctioned banks, which were initially available as options, were removed from the list entirely. This step was confirmed by a spokesperson from Binance. He further demonstrated the exchanges’ commitment to compliance and adherence to international financial regulations.
Persisting Presence Despite Removal
Curiously, even after the official removal of Tinkoff Bank and Sberbank from the list of available options, users on Binance P2P continue to showcase advertisements for sales. However, this is with “the green bank” mentioned as their preferred payment method. This phenomenon raises questions about the clarity and enforcement of the new regulations.
While other payment methods like the Russian Standard Bank or Ak Bars Bank might be referenced, the ads explicitly state the preference for transactions exclusively through “the green bank.”
Similar Observations on OKX and Bybit
Reports from various media outlets suggest that a similar scenario is unfolding on OKX and Bybit. Despite the removal of sanctioned banks, merchants are still facilitating exchange options through these banks in private communications. This phenomenon highlights potential discrepancies between the official stance of these platforms and the actual practices of their users.
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