Kuna exchange boss urges EU to investigate Binance

The European Union (EU) has been urged to investigate cryptocurrency exchange Binance and whether it assists Russia in any form by circumnavigating a sanctions imposed on the country’s finances.

The call comes from the founder of Ukraine’s Kuna exchange, Michael Chobanian, who has become the latest party to become suspicious of crypto exchanges vow to “not limit financial freedoms”.

Chobanian said that he is willing to admit that he was mistaken if the EU’s investigation turns out to disprove his claims. If they turn out to be true, however, Binance would have to accept the consequences, the executive told CoinDesk, the media outlet which reported on the story originally.

Binance has kept things pretty close to its chest. “We prefer not to comment on false accusations”, the exchange stated.

Binance may have sparked Chobanian’s anger after the company said in February that it would not blanket ban all Russian accounts unless legally obliged to.

However, the crypto executive though has his doubts. “Think of Binance as a big bank that can sell you bitcoin (BTC) but instead of buying BTC or any other crypto you can top up an account in rubles and then you can change those rubles into US dollars and withdraw in another country without even buying crypto. So, it is fiat transaction in, fiat transaction out. It is about guarding the fiat gateways”, he added.

He also said the inflow of crypto donations has been mounting up with the charity fund he helps manage for Ukraine reaching $64.5m. He took the opportunity to argue that out of Binance’s $10m vowed, only $2.5m has been so far forwarded to charity for Ukraine.

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Updated: 03/25/2022 — 12:00