OKX and Bybit Exclude Sanctioned Russian Banks from Payment Options

Two major cryptocurrency exchanges, OKX and Bybit, have taken decisive steps to exclude Russian banks subject to international financial sanctions from their payment options.

Specifically, Tinkoff Bank and Sberbank are no longer available on the list of peer-to-peer (P2P) transactions on these platforms.

This move has direct implications for local users in Russia, who can no longer receive fiat currency in exchange for their cryptocurrencies through Tinkoff Bank or Sberbank accounts on the P2P platforms of OKX and Bybit.

While these changes have caused ripples within the crypto community, no official announcements have been issued by either company via their official channels.

This shift comes after Binance, another prominent player in the crypto exchange landscape, made a similar decision.

A recent report by The Wall Street Journal highlighted that Binance had initially listed Tinkoff Bank and Sberbank as viable transfer methods.

However, as of August 24, both banks were conspicuously absent from Binance’s P2P platform. The following day, the WSJ reported that these sanctioned banks had been entirely removed from the list, with a Binance spokesperson attributing the change.

Incomplete Removal Raises Questions

Despite the apparent removal of sanctioned banks, some users on Binance’s P2P platform continue to advertise sales using “the green bank” as their preferred payment option.

Even though these users mention alternative payment methods, they emphasize that they will exclusively accept transfers through “the green bank.”

A similar scenario is reportedly unfolding on OKX and Bybit. According to media sources, even though Tinkoff Bank and Sberbank have been officially removed from the lists, merchants still offer the option of cryptocurrency exchange via these sanctioned banks through private communication.

The decision by OKX and Bybit to exclude sanctioned Russian banks from their payment options shows the growing emphasis on compliance within the cryptocurrency industry.

Navigating international regulatory frameworks is increasingly challenging for exchanges, as they strive to align with global financial regulations.

Binance’s earlier move to eliminate sanctioned banks from its platform reflected the exchange’s commitment to regulatory compliance, particularly in the face of potential legal issues in the United States.

Reports suggest that The U.S. Department of Justice has been investigating whether Binance violated sanctions against Russia.

The actions taken by OKX and Bybit in response to Binance’s lead reflect the complex landscape that cryptocurrency exchanges are going through.

As the industry matures, exchanges are taking proactive measures to ensure adherence to international financial regulations and to avoid potential legal repercussions tied to transactions involving sanctioned entities.

NB: Any Information provided is NOT FINANCIAL ADVICE. Do Your Research before making any Financial Decisions.