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Russia presents legal risks for the largest cryptocurrency player, Binance

  • 👤 Bethany Pratt
  • 👁 1065
  • ⏰ Published: 2024-01-02 Time: 23:28:02
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    The Securities and Exchange Commission is separately suing two major cryptocurrency platforms, Binance and Coinbase. WSJ’s Caitlin Ostroff breaks down the lawsuits and their potential impact on the crypto industry. Photo illustration: Adam Adada/Xingpei Shen

    Binance is helping Russians move money abroad, potentially adding to its sprawling legal problems in the U.S.

    The cryptocurrency giant, led by founder Changpeng Zhao, joined many other major international companies early last year in scaling back its business in Russia, one of its largest markets by trading volume at the time. After Russia invaded Ukraine, Binance said it had stopped working there and was implementing Western sanctions requirements. It restricted trading on its platform in Russia.

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