Binance: information in Moscow regarding funds for Kyiv, storm of controversy surrounds the crypto giant
Although the company had stated that it had ceased operations in Russia, it is alleged to have provided information that was subsequently used to bring charges against a Russian national residing in Bulgaria
LONDON – Binance, the world’s largest cryptocurrency exchange, is once again at the centre of a controversy over privacy concerns and a lack of transparency regarding its links with hostile regimes.
The company, which had formally declared in 2023 that it had ceased all operations in Russia, provided the Kremlin last year with data and information on who had used the platform to make cryptocurrency donations to fundraising campaigns in support of Ukraine.
According to an investigation by Reuters, Binance provided the Russian authorities with details of a $700 transfer made by Yuri Belenkiy to the Azov Regiment of the Ukrainian army, which Moscow considers a terrorist organisation. In addition to Belenkiy’s name – a Russian citizen – Binance had provided his date of birth, address, telephone number, a copy of his Russian passport and his Bulgarian residence permit.
Arrested last September and charged by the Russian Investigative Committee in October, Belenkiy remains in custody awaiting trial on charges of aiding acts of terrorism. Russia has long been targeting Russian citizens who support Ukraine, and human rights organisations claim that dozens of people have been tried and convicted for sending donations to Kyiv.
Binance has stated that it acted in accordance with the law and that it only responds to legitimate requests for cooperation. Legal experts point out, however, that the company was under no obligation to provide information to the Russian authorities, as they have no jurisdiction, and wonder why Binance was still in contact with Moscow in 2025 given that it has not formally had a presence in Russia since 2023.
