The Wall Street Journal has reported that cryptocurrency exchange Binance is choosing to terminate its partnership with payment system Advcash.
Sources familiar with the situation revealed that the decision was made due to clients using the gateway to transfer funds from sanctioned Russian banks.
Advcash, which is based in Belize, has been offering Russian ruble deposits and withdrawals through Binance since October 2019.
However, a representative from Advcash stated that they have not been informed of any changes in their partnership with Binance.
In September 2023, Binance announced that it would be exiting the Russian market and selling its local business to CommEX.