Binance Set To Cut Ties With The Last Payment Firm Advcash Amid Concerns Of Sanctioned Russian Bank Transactions

One month after its departure from the Russian crypto market, Binance is on the edge of terminating its relationship with its last Russian payment firm, Advanced Cash or Advcash. Amid the ongoing DOJ investigation concerning money laundering, Binance is finalizing its disengagement from Advcash, which many speculate was Binance’s channel for Russian money laundering operations.

Binance Continues To Lose Payment Partnerships

WSJ reports that Binance is preparing to end its collaboration with a payment company that enabled clients to transfer funds from sanctioned Russian banks to the crypto exchange, as informed by sources acquainted familiar with the matter and messages forwarded by Binance to a user.

In 2019, Binance declared its partnership with the Belize-based Advanced Cash, often referred to as Advcash, helping customers to transact in rubles. However, a representative from Advcash mentioned they’ve not been informed by Binance regarding any changes to their ongoing partnership.

In August, the Wall Street Journal wrote about how Binance was using Advcash to help Russians send money out of the country. This adds to the legal troubles Binance is facing in the U.S with multiple lawsuits. In September, Binance said it’s leaving the Russian market and has sold its operations to Commex, a new crypto platform. This move has made many in the community wonder about Binance’s use of sanctioned banks and if they still have any control over Commex after the sale.

Several Binance Executives Left

In the last three months, numerous top executives have departed, and the exchange has let go of around 1,500 staff members to save money and prepare for a potential business downturn. Even though Binance remains a big name in crypto, its leading position is fading.

By October 2023, trading volumes on Binance dipped to 50%, a stark decrease from 74% in December 2022. This came even as Bitcoin’s price climbed to $34,000 and rival OKX witnessed its market presence grow by over 50%.

On top of that, a lot of Binance’s top people left. This includes Stephanie Cabossioras, Jonathan Farnell, Brian Schroeder, Krishna Juvvadi, Sidney Majalya, Patrick Hillmann, Mayur Kamath, Helen High, Vladimir Smerkis, Gleb Kostarev, Leon Fung, Matthew Price, Stephen Christie, Hong Ng, and Steve Milton.

Binance has also run into legal trouble in many countries. Binance lost their right to operate in some European places and is in hot water in the US, France, Brazil, and the UK. They’re being accused of things like money laundering, dealing with unregistered securities, and not following rules about Russia. France, in particular, is investigating the exchange for working without the proper license and for serious money laundering claims.

Binance’s CEO, Changpeng Zhao, has taken a big hit because of these issues. His wealth has dived from $96.6 billion at the start of 2023 to just $17.2 billion by October 2023.