Crypto news

OKX and Bybit eliminate sanctioned Russian banks from their list of accepted payment methods.

Major crypto exchanges, following Binance’s lead, have opted to exclude Russian banks subject to international financial sanctions from their available payment options.

Tinkoff Bank and Sberbank are now absent from the peer-to-peer (P2P) transaction lists on Bybit and OKX.

While no official announcements have been made through official channels by either company,

Russian media reports indicate that users can no longer receive fiat money in exchange for their cryptocurrencies via Tinkoff Bank or Sberbank accounts on the P2P platforms of OKX and Bybit.

However, as of the time of publication, OKX still permits users to receive fiat to their accounts at the Russian branches of Raiffeisen Bank and Russian Standard Bank,

both of which are not subject to sanctions imposed by the United States Treasury.

The attention surrounding the presence of sanctioned Russian banks on crypto exchanges’ payment options emerged when The Wall Street Journal reported last week that Binance had listed Tinkoff Bank and Sberbank as transfer methods.

On August 24, these banks vanished from the Binance P2P platform, although the “yellow” and “green” options,

representing their brand colors, remained.

The following day, the WSJ reported that the sanctioned banks were completely removed from the list,

citing a Binance spokesperson.

Despite the supposed removal, Binance P2P users continue to advertise sales using “the green bank” as their preferred payment option.

Although other payment methods like Russian Standard Bank or Ak Bars Bank might be mentioned,

the “advertiser’s terms” explicitly state that they will only accept transfers through “the green bank.”

According to media reports, a similar situation persists on both OKX and Bybit,

where merchants still privately offer exchange options involving sanctioned banks.

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