Binance Hands Over Client Data to Russia Amid Ukraine Donations Probe

The world's largest crypto exchange, Binance, handed over details of cryptocurrency donations to Ukrainian fundraising campaigns to Russian authorities. These details were used as evidence in a terrorism financing case against IT specialist Yuri Belenkiy.

Belenkiy, a Russian national with Bulgarian residency, was charged with sending more than $700 to the Azov Brigade and the Azov Regiment, which Moscow designates as terrorist organizations.

Binance's decision to share client information has raised questions about its compliance strategy. The company had announced it would exit Russia in 2023, citing incompatibility with its compliance strategy and Western sanctions imposed on Moscow following its full-scale invasion of Ukraine in February 2022.