Binance made the change after facing accusations that it was officially endorsing these payment methods.
Crypto exchange Binance has removed “yellow” and “green” payment options from its peer-to-peer service after being criticized for using these code words to represent sanctioned Russian banks, Cointelegraph confirmed on Aug. 25.Binance’s peer-to-peer exchange service is a message board allowing users to offer to buy or sell cryptocurrency. It also functions as a crypto escrow service.
On Aug. 24, multiple Russian news outlets began reporting that Binance had eliminated these banks from its list of payment methods. However, these banks “yellow” and “green,” with “yellow” representing sanctioned bank Tinkoff and “green” representing sanctioned bank Rosbank.that the sanctioned banks were removed from the list. The report quoted a Binance spokesperson indicating that the banks were removed after the exchange learned that account holders were using the service to circumvent sanctions. “We regularly update our systems to ensure compliance with local and global regulatory standards,” the spokesperson reportedly said.
On the same day, Cointelegraph confirmed that the “yellow” and “green” payment methods were removed. Sixteen payment methods are still available for Russian ruble conversions to crypto, including Raiffeisenbank, Russian Standard Bank, Payeer, AdvCash and others. But Tinkoff and Rosbank are no longer on the list, nor are their code word equivalents.Despite their official removal, Cointelegraph found that Binance P2P users are still advertising sales with “the green bank” as their payment method.
Peer-to-peer crypto marketplaces have been controversial since their inception. Supporters argue these marketplaces are necessary to prevent government payment censorship, while detractors say they are used by criminals to move illicit funds.was shut downPaxful co-founder Ray Youssef argued on Aug. 25 that P2P marketplaces are still too centralized and too vulnerable to shutdown by governments.
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