The Russian Court has finally reversed its decision to block the Binance website from being accessible in the country after four months of blacklisting the domain name.
Binance was notified of the blacklisting in September 2020 by Roskomnadzor, the Federal Service for Supervision of Information Technology and Mass Media in Russia, without any heads-up about its offense from the Court. However, after seeking legal counsel to assist in the matter, it appears that Binance has won the ruling.
The Head of operations for Binance in Russia, Gleb Kostarev, commented on the recent news, expressing his happiness with the latest ruling. He also acknowledged his satisfaction with the new rule as Binance was relentless in challenging the Court’s decision, which was uncalled for at that time.
Meanwhile, amidst the restrictions, the exchange encouraged users to use the Binance mobile app, as it would still be operating as usual. Russian customers were also advised to continue their deposits and withdrawals. And customers were asked to use a Virtual Private Network (VPN) to access the website.
Away from Binance, Russia is still strict about cryptocurrencies.
Despite the significant growth in the crypto industry, Russia is still strict with its rules regarding cryptocurrencies. Recently, the country passed the Digital Financial Assets and Digital Currency Act in 2020. The act added more regulations on digital assets. It also compels citizens to report ownership of cryptocurrencies to the tax authorities.
Apart from government regulations, many exchanges are shutting down due to heightened hack activities. Livecoin, a Russia-based exchange, already announced that it would cease to operate due to being hacked. According to users, withdrawals were suspended for 24hours before the hack occurred. They recorded theft of 106 BTC, 361 ETH, and 236 BCH. Hence, the exchange is suspending operations in the country until its security is guaranteed.