Binance disputes that Russian officials approached them about handing over customer information.

According to Reuters, the provincial chief of Binance, the world's largest cryptocurrency platform, met with Russia's economic intelligence agency in Moscow. They were actually ordered to pass over data pertaining to the country's consumers. Also, the regional head actually exchanged text conversations with a corporate colleague. The Russian authorities requested names and addresses to assist them in investigating crimes.

Binance handed over information to Russian authorities?

The incidents from April 2021, when Rosfinmonitoring or Rosfin, a Russian organization, was on the trail of huge amounts of money in Bitcoin. And that money was actually collected by imprisoned Russian opposition leader Alexei Navalny. All this info was clearly detailed in the report. According to a person close to the situation, Navalny was utilizing the cash to support attempts to uncover corruption in the Vladimir Putin-led administration.

Gleb Kostarev, Binance's chief operating officer in Eastern Europe and Russia. He consented to supply Rosfin with the information requested, according to texts between Kostarev and also another business colleague. Kostarev explained to the colleague that he didn't have "much of an option" and that he had no choice but to comply. Kostarev did not answer when contacted. Binance, on either side, stated that Russian officials never tried to approach them about Navalny. They also stated that the communication was "actively seeking adherence in Russia" prior to the start of the conflict with Ukraine. That would have forced the interaction to accept "appropriate demands from regulatory agencies and local police departments."

Attempts behind the scenes to strengthen connections with the Russian government.

According to the chat between Kostarev and the trade colleague, Binance intended to establish a relationship with the Russian authorities. Reporters actually questioned former workers, ex-business colleagues, and cryptocurrency industry officials. Even the text messages made by Kostarev to others outside the company were also scrutinized to substantiate the firm's behind-the-scenes operations.

That’s not all, there are some other options available like Polygon, Point Network, and many more. Cryptonary, on the other side, has already stated that it plans to grow into Russia and surrounding nations despite the existing restrictions imposed on the country's banks and other businesses.