I think the move to do that was simple..... If someone is doing something that are blocked, their first strategy to circimvent that, would be to shift that wealth to a relative or a friend that are not targeted for those actions. You will always see that a "target" will use their wife or brother to launder the money or to store their wealth, until the focus is shifted away from them.
So yes, this move will just tighten the sanctions and close up the possible loophole that can be used to circumvent the sanctions. Is this fair.... Nope probably not... but you will have to ask yourself this question ===> Did the family or relatives benefit from the spoils of corruption and war mongering that provided them with their wealth?
Topic: Binance blocks crypto accounts of relatives tied to the Russian government - page 2. (Read 327 times)
May 01, 2022, 07:18:50 AM
May 01, 2022, 06:41:16 AM
Bravo! Binance has joined the fight against the global sponsor of terrorism and global terrorist! And of course, it is necessary to block all possible "purses" through which there may be attempts to withdraw funds to avoid sanctions. This is fine ! When a criminal is caught, they can carry out operational actions with relatives and friends. In a word, thanks to Binance for a balanced and thoughtful decision! The exchange proves its stability and quality!
May 01, 2022, 06:36:57 AM
That's too funny how we hear news about the exchanges and the Russian government, just a few days ago I saw an article where people believe Binance is selling users' information to Russians and they have some collaborations together and now Binance starting to suspend the accounts how are related to the Russian governments, however, by doing this Binance will take a huge advantage because usually the Russian government related accounts are loaded and if they suspend these account there will be much-suspended money for Binance, however, I don't think if there are many Russian movement-related accounts on Binance because they usually prefer to do not reveal their real identity on these exchanges.
April 30, 2022, 05:04:16 PM
Binance is a private company so I don't personally see an issue with their selective denial of service to Russian affiliated accounts. I would just not the blatant hypocrisy of private entities seemingly caring so much about Russian human rights violations with the war in Ukraine while simultaneously denying human rights violations that occur in places elsewhere, like China and Uyghur muslims. It'd be nice if there was a consistent standard.
The problem is we don't know the daughter's affiliation with the direct war effort or Russian government. I don't think guilt by association is anything productive.
The article starts with a spokesman's daughter having her funds locked on the exchange, this doesn't look like an attack on the Russian people but still the kremlin.
The problem is we don't know the daughter's affiliation with the direct war effort or Russian government. I don't think guilt by association is anything productive.
April 30, 2022, 02:25:36 PM
Well in this opinion am quite opposite thinker from so many.
I lnow their is a critical situation their in Ukraine and almost every one is supporting them but some companies qnd and individuals are using it as an opportunity to gain everyone's attention to gain popularity cashing big.
This type of hypocrisy even can be seen on western media channels where they are shouting each and every day against Russia but when USA use forces against different countries and interface in their personal matters they called it heroic action.
I lnow their is a critical situation their in Ukraine and almost every one is supporting them but some companies qnd and individuals are using it as an opportunity to gain everyone's attention to gain popularity cashing big.
This type of hypocrisy even can be seen on western media channels where they are shouting each and every day against Russia but when USA use forces against different countries and interface in their personal matters they called it heroic action.
April 30, 2022, 10:04:35 AM
The war was very fatal for the citizens of Russia and Ukraine. Because politics in government is so chaotic that its citizens are subject to sanctions that the world has imposed on their government. Ukraine is seen as a victim because of the Russian invasion, but Russian citizens are also victims because of its government. I don't think this is fair, if it's the state that made the mistake of the chaos, then we have to look at the causes of the chaos. All countries want peace, but if there is a threat that endangers their country, everyone will take precautions. However, all that has happened, I also hope that our Russian brothers and sisters will soon take the opportunity to withdraw all their money on Binace. And reinvest in exchanges that don't interfere with world politics.
April 30, 2022, 06:36:08 AM
I was surprised when i heard somes news claim weeks ago about how the Russian government uses Binance to derive Ukrainians data and other dirty unrealistic claims as such is far from believing, i doubted bas well but not until I come across this, even though we can not be confident enough with data protection when dealing with all centralized exchanges but i so much believe in this in such a way that Binance adhere strictly to US, and it also evidently shows us, because Binance could not go beyond in support for Russia's human massacre on Ukraine in other for it not to receive ba global karma.
April 29, 2022, 07:02:52 PM
Binance is trying to appear the good guy vs regulators who have acted to restrict its business previously. Its not really the nature of crypto to be pro active in this way vs people who may have nothing to do with what you intend to impede but I get why they think its a good idea. Certainly all these sanctions must be some incentive regardless of personal politics to wrap up this war not continue in a pointless pursuit of destruction.
April 29, 2022, 05:59:06 PM
Regardless of their relationship to the government official of Russia, Binance should not do this because this is cryptocurrency and this actions are really different from their first statement, for sure other countries also put big pressure on Binance to do this because if they don’t they will surely face consequences. Well, Binance is centralized so what can we expect? Once the US government tells them what to do they can’t say NO to that. Better to have a hard wallet after all, its too risky to trust CEX that much.
April 29, 2022, 05:54:05 PM
This is a typical action of a centralized exchange and playing with the political economy of the people. This is not the best for the cryptocurrency market. I think that avoiding this ban would have put binance in the good books. Binance has been a player of this kind of action trying to be involved in politics of the world.
Of course, what do you expect when CZ is been invited to many government dealings and in return for a green signal to operate without the interference of local watchdogs and regulators? I'm not in support of whatever wrongs that family may have done to upset the Russian government and the relatives but what least could anyone think will come out of any exchange that has made KYC a mandatory exercise for all his customers.
This is not the first we have heard about exchange freezing customer's accounts due to political and government collaboration, this should be a signal to others who are yet to do KYC on any exchanges like Binance.
April 29, 2022, 05:22:26 PM
The article says they are closely monitoring the accounts of Russian people, especially those who are close relatives of the government officials since they can commit finance crime which I think is really possible. Binance still commit about not closing the account of the innocent people, we don’t really know what’s the next move of Binance but for me, its better to be safe than to say sorry later on, it you’re Russian starts looking for good alternative on storing your cryptocurrency, if its CEX it can still be controlled by the pressure of the government.
April 29, 2022, 05:15:19 PM
So their first statement about not to get involve on those sanctions against Russia are now revised?
Well, I know Russia must be punished for their actions on invading Ukraine and ruining the life of innocent people but since this is cryptocurrency, this only proves that it is still centralized and you are on a big risk if you put too much money on CEX because it can be frozen any time especially if your government take actions like this which is beyond your control. Most probably, Russian people are already thinking about withdrawing their money on Binance and putting it on Hard wallet instead, let’s see the effect on this one on a so called Decentralized crypto.
Well, I know Russia must be punished for their actions on invading Ukraine and ruining the life of innocent people but since this is cryptocurrency, this only proves that it is still centralized and you are on a big risk if you put too much money on CEX because it can be frozen any time especially if your government take actions like this which is beyond your control. Most probably, Russian people are already thinking about withdrawing their money on Binance and putting it on Hard wallet instead, let’s see the effect on this one on a so called Decentralized crypto.
April 29, 2022, 05:06:51 PM
It was the move by the United States against the Russia.The Russian war had impact us the lot.Every where their was the huge economic crisis,people suffering to have their three day meals.It was boon to the poor people before,this move to huge people now.The cost of the all the household items also huge.This Binance moves will reduce the flow of bitcoin in the hands of Russian government.
April 29, 2022, 04:58:21 PM
The bitcoin had helped the Russian government a lot during the war.So the people of the Russia had started to use the bitcoin for their personal use .The influenced of the American also impact the Binance .But it was huge confusing,Binance helped the Ukraine for the war.So I think,it was second help to the Ukraine by banning the Binance account of the Russian government relatives.
April 29, 2022, 04:05:43 PM
Yes, You read that right. Binance has taken their bans against Russian people up a notch. Which is quite clever on one side and on the other, quite unfair. Imagine being on a different country miles away from Russia but having relatives there and you suddenly see that your account has just been banned from binance. That'd be pretty infuriating.
I really can't decide myself whether this action is proper or not.
For people out there though that get to read this post and may get affected by this, I advise that you start taking precautions and transfer to a different exchange.
Anyway, what do you guys think about this?
News link: https://cointelegraph.com/news/binance-blocks-crypto-accounts-of-relatives-tied-to-the-russian-government
Are you sure this is true? Last I remember was Binance clearly stating that they won't ban any accounts of people from Russia. Now It's surprising and also ironic that accounts of relatives of Russian officials is being banned. I think there is no way you can trust these exchanges with your money, like I would obviously never want my exchange blocking my account because my distant relative did something. This is just too wierd, forget about being fair i feel it's stupid. I really can't decide myself whether this action is proper or not.
For people out there though that get to read this post and may get affected by this, I advise that you start taking precautions and transfer to a different exchange.
Anyway, what do you guys think about this?
News link: https://cointelegraph.com/news/binance-blocks-crypto-accounts-of-relatives-tied-to-the-russian-government
April 29, 2022, 04:02:49 PM
For what its worth I Think on the part of those banned I think it’s unfair, being a relative to people from Russia wasn’t a personal choice it’s just nature, and it could be possible that some had their whole Crypto-currency savings in such accounts, I understand many companies are trying to use all this as actions to frown at the the Russian government to attack Ukraine. Well as the advice has always went, don’t keep your savings on an exchange its best to get a private wallet to store them, with all this it goes to show that big crypto exchange are fast going centralized and this is scary.
April 29, 2022, 04:01:00 PM
This sometimes proves that Binance will do everything that is whispered to it from the outside. If now they are doing this with Russian officials who are objectionable to everyone, then in the future this can happen to everyone. I see this as a wake up call for all of us.
This is a typical action of a centralized exchange and playing with the political economy of the people. This is not the best for the cryptocurrency market. I think that avoiding this ban would have put binance in the good books. Binance has been a player of this kind of action trying to be involved in politics of the world.
April 29, 2022, 03:35:49 PM
I really can't decide myself whether this action is proper or not.
In war nothing is nice, nor fair, nor "proper".
I'd guess that Binance was nicely, but also officially, asked to block this or that. It's not the first time they obey official papers and lock users' funds.
Since the moment they started working together with the authorities and regulators (and no longer run from them), this kind of actions are pretty much expected, hence I'll even call them normal, I'll even consider them somewhat late.
on having no choice but to comply or else that would really be putting their business at risks which its not really that surprising that they do come along with the herd specially now that
majority is really against Russian government and there's nothing we could do about it if they do make out such decisions and its true that they are somewhat late for this one.
April 29, 2022, 02:55:35 PM
Binance was neutral from the beginning by not banning Russian Citizens. Doesn't matter they have donated to Ukraine, I will not consider them taken aside. Learned from the article, Binance banned accounts of the person who is under sanctions. Most likely it's pretty simple, it might be due to regulation and likely they are forced to do it. Though we don't know the reality, but it's not surprising actually.
April 29, 2022, 02:42:36 PM
Instead of aiming as a forum for freedom of transactions, Binance finally showed some sides. regardless of the rules currently in force Russia could make several alternatives. As sanctions after sanctions have been imposed on Russia, the fact is that it is difficult for me to understand how until now Russia has been able to survive and carry out military operations. Is there any suspicion that this has all been prepared for a long time, so that it can ward off the sanctions that Russia has received little by little?
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