Sanctioned Russian Stablecoin Spotted on Binance and LCX
A Russian stablecoin subject to sanctions has been spotted on international cryptocurrency exchanges. The token, A7A5, is pegged to the ruble and its version WA7A5 have appeared on Binance and LCX websites.
The token is linked to the A7 network, Russia's Promsvyazbank, and Kyrgyzstan's Old Vector, with a total volume of transactions estimated at over $100 billion. Despite US and EU sanctions, pages with instructions on how to buy and exchange it have appeared on Binance and LCX websites.
Binance published instructions on how to buy Wrapped A7A5 (WA7A5) via Binance Wallet, while LCX provided more detailed instructions stating that the Russian stablecoin could be purchased directly. However, after UNITED24 Media contacted Binance and LCX for comment, the relevant pages disappeared from their official resources.
LCX stated that neither A7A5 nor WA7A5 were ever traded on the exchange, with the materials being supposedly automatically generated as SEO pages displaying third-party market data. Binance made a similar statement about the automatic generation of the page.