Binance’s Has Been Blacklisted in Russia Since Sept; New Ruling Removes the Restriction
- The World’s largest crypto exchange in terms of capitalization, Binance, has been removed from the blacklisted websites in Russia following a court order.
- Binance’s website was formally blacklisted in September last year by the Russian regulators. However, the exchange’s trading in the country has not been affected.
According to a popular news agency, Kommersant, on Jan. 21, Arkhangelsk Regional Court ordered that the Binance website be expunged from the list of blacklisted websites in the country.
The head of Binance Russia, Gleb Kostarev, confirmed to Bitcoin Exchange Guide that the reports were indeed true explaining that the court session was held on Jan. 20. The court’s decision read,
“Issuance and usage of bitcoins are fully decentralized, and there is no way to regulate it by the government, which contradicts the current Russian law.”
Binance’s website was blacklisted in June after Arkhangelsk Regional Court sided with local prosecutors, arguing that the firm was aiding in distributing information regarding Bitcoin, unlicensed crypto in the country. According to Kostarev, Binance Russia was not issued with a formal notification of the court hearing and only realized the blacklisting by the regulator, Roskomnadzor, three months later. Kostarev stated that the failure to notify the company made it difficult to defend its rights properly in court.
The ruling which was seen by CoinDesk indicates that the prosecutors extracted their complaint after Binance moved to challenge the decision.
Cryptos such as Bitcoin is legal in Russia even after the digital assets law was adopted on Jan.1. The law states that cryptos are legal taxable properties. The country also adopted another order requiring civil servants to declare their crypto holdings for taxation purposes.
Kostarev explained that the blacklisting of the firm’s website had no major effect on its trading volumes.
“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.”