Intensification of regulatory pressure: the sanction of Russian banks was extended to two other large exchanges!

At least two major cryptocurrency exchanges, Bybit and OKX, appear to have followed Binance’s lead, removing Russian banks subject to international financial sanctions from their payment options. In particular, Tinkoff Bank and Sberbank are no longer available as options for peer-to-peer transactions on these exchanges.

As such, local users in Russia will no longer be able to receive fiat money in exchange for their digital currencies at Baybit and OKX exchanges through Tinkoff Bank or Sberbank accounts. However, no official announcement has been made by the representatives of either of these two exchanges through their official social networks.

As of press time, OKX continues to allow users to receive fiat funds into their accounts at Russian branches of Raiffeisen Bank and Standard Bank of Russia. These financial institutions are not on the list of entities sanctioned by the US Treasury.

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Attention to the presence of sanctioned Russian banks in the payment options of cryptocurrency exchanges increased last week when the Wall Street Journal reported that Binance listed Tinkoff Bank and Sberbank as transfer methods. However, on August 24, both of these banks disappeared from the Binance exchange. A day later, the Wall Street Journal reported that these sanctioned banks were completely delisted from Binance.

Despite the removal, it has been reported that some Binance users are still posting ads for sales using Sabz Bank (referring to Sberbank) as their preferred payment option.

These actions are in response to international sanctions imposed on some Russian banks, and digital currency exchanges are taking steps to ensure compliance with these sanctions.