Binance Faces Backlash for Sharing Customer Data with Russian Authorities
Binance, the popular cryptocurrency exchange, has come under scrutiny for sharing customer data with Russian law enforcement after leaving the country's market. According to reports, Binance provided investigators with a customer's transaction and identification records, which were used to build a case against a Russian IT specialist accused of supporting Ukrainian military causes.
The exchange shared information about Yuri Belenkiy, who allegedly sent over $700 in cryptocurrency to support the Azov Brigade. The records included phone numbers, addresses, passport scans, and residency permits.
Binance's CEO Richard Teng defended the exchange's decision to cooperate with Russian authorities, stating that it follows lawful procedures worldwide and complies with applicable sanctions and regulations.
The incident has raised questions about Binance's obligations in Russia after announcing its departure from the market. Critics argue that the exchange should not have shared customer data with Russian authorities, especially given the country's designation of the Azov Brigade as a terrorist organization.