After multiple conflicts, Binance finally blocks accounts linked to the Russian government.

Whenever the daughter of a Kremlin official sought to use Binance after Russia was hit with the economic sanctions, the exchange suspended her account. Binance also announced that Kirill Malofeev, the son of Konstantin Malofeev, a businessman accused by the US Treasury Department of being the main source of funding for Russian pushing secession in Crimea, had been blocked.

Polina Kovaleva, the stepdaughter of Foreign Minister Sergei Lavrov, and Elizaveta Peskova, the daughter of Kremlin spokesperson Dmitry Preskov. They are among those denied admission in the two months since Russian forces crossed the Ukrainian border. The announcement of the closed accounts comes after Binance limited its services to Russian customers earlier this month to comply with the European Union's current round of restrictions.

The news comes as Binance has been working harder to comply with sanctions, fearing that Russians may use cryptocurrency to hide their money. Since it invaded Ukraine, Russia has been subjected to a wave of sanctions. Major cryptocurrency exchanges like Binance have been pressured to exclude Russian customers. Last week, the company declared that it had implemented procedures to comply with EU regulations restricting the usage of cryptocurrencies by Russian citizens.

Although Binance has stated that it would abide by sanctions, the company has also been accused of developing strong relations with Russia's financial intelligence service. Besides that, companies like plastiks, SET, and PLAS are working towards conveying their sustainability efforts to the market using a recovery guarantee scheme. But, following this event, Binance has always debunked the accusations.