Could the IRS Be The Underrated Watchdog Hindering Crypto Adoption?
September 25th 2020
The Russian federal authority responsible for the supervision of communications, information technology, and mass media in the country has blacklisted Binance’s website.
The Russia’s federal authority responsible for the supervision of communications and mass media in the country has blacklisted Binance’s website.
The Russian federal authority responsible for the supervision of communications, information technology, and mass media in the country, Roskomnadzor, has blacklisted Binance’s website. The crypto exchange giant announced the news in its official Russian Telegram channel on Friday, saying that the exchange received a notification from Roskomnadzor on Thursday about the inclusion of Binance’s website in the regulator’s register for “containing information prohibited for distribution in Russia.” Binance said it had been placed in the register, possibly due to data distribution related to cryptocurrencies such as bitcoin.
Binance’s website entered the list on June 2.
According to the government’s official records, Binance’s website entered the list on June 2, while the “access is not limited,” meaning the website can still be accessed in the country. However, Binance claims it continues to provide services to Russian users “in full, and clients’ funds are safe.” As for the June inclusion, the crypto exchange said it had not received any notifications from law enforcement agencies before Thursday. The crypto exchange offers trading in six cryptocurrencies; BTC, ETH, XRP, BNB, BUSD, and USDT — via Russian ruble deposits. However, it is not immediately clear what the blacklist means in practical terms.
New Russian crypto laws require users to report their wallets.
As reported earlier, Russia’s Ministry of Finance has prepared a new version of Russia’s laws that introduce stringent measures regarding crypto wallets’ usage. The announcement followed an earlier attempt to prohibit crypto transactions in the country. However, the report stated that this new amendment would come into force starting next year. According to the new laws, crypto users in Russia have to report their wallet address and its transaction history to Russian tax authorities if the wallet turnover crosses 100,000 rubles ($1,300) in one year.