At least two major cryptocurrency exchanges, Bybit and OKX, have followed Binance's lead in excluding Russian banks that are under international financial sanctions from their payment options. Notably, Tinkoff Bank and Sberbank, two prominent Russian financ ial institutions, no longer feature in the list of peer-to-peer (P2P) transactions on these platforms.
Russian users are reportedly unable to receive fiat currency from Tinkoff Bank or Sberbank accounts via cryptocurrencies on the P2P platforms of OKX and Bybit. Although no official announcements have been made by the companies through official channels, this change has become evident.
As of now, OKX Still Permits Users to Receive Fiat Currency Into Accounts Held at the Russian Branches of Raiffeisen Bank and Russian Standard Bank. Neither of the Financial Institute is on the us treasury department's list of Sanctioned Entities.
The presence of sanctioned Russian banks in cryptocurrency exchange payment options came under scrutiny when the Wall Street Journal reported that Binance had listed Tinkoff Bank and Sberbank as transfer methods. These banks, however, were subsequently removed from Binance' s P2P platform, although some users continued to Advertise the use of "green banks" as their preferred payment option.
Similarly, on platforms like OKX and Bybit, traders still offer transaction options via sanctioned banks through private communications, despite these banks not being officially listed in the payment options.
It remains to be seen whether further regulatory measures will be taken by cryptocurrency exchanges to ensure compliance with international financial sanctions and prevent the use of sanctioned banks in transactions.
