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Bybit and OKX Eliminate Sanctioned Russian Banking Firms from Its Payment List

OKX and Bybit act against Russian-sanctioned banks; Sberbank and Tinkoff Bank not available for peer-to-peer transfers due to global sanctions.

ShahZaib Ahmed



Following Binance, a couple of prominent crypto exchanges have taken serious actions against the Russian-sanctioned banks. Because of the worldwide financial sanctions the payment options, OKX and Bybit have taken this step. The banking institutions that these crypto exchanges have targeted include Sberbank and Tinkoff Bank. Hence, both banks are presently not available on the lists of these crypto exchanges regarding peer-to-peer transfers.

Bybit and OKX Excludes Sanctioned Russian Banking Platforms from Its List of Payments

The media outlets in Russia pointed out that the crypto exchanges put restrictions on the local consumers. Therefore, they cannot get fiat for crypto on Sberbank or Tinkoff Bank accounts through Bybit and OKX’s P2P platforms. However, neither of the companies did not make any formal announcement on their official channels.

Nevertheless, OKX lets consumers get fiat into their accounts in the Russian Standard Bank and the Raiffeisen Bank’s Russian branch. Both of the financial platforms are not categorized in the list of companies under sanctions by the US Treasury. The latest focus on the sanctioned Russian banking institutions on the payment options of the crypto exchanges emerged recently.

Binance Reportedly Lists and then Eliminates both Banks from P2P Transfers

This issue got a lot of attention in the previous week when the Wall Street Journal posted news concerning Binance. It reported that the well-known crypto exchange listed Sberbank and Tinkoff Bank for transaction methods. On the 24th of August, both banks vanished from the P2P forum of Binance.

Also Read: Banks In China Collaborate With Beijing For the Integration Of CBDC With Social Security Cards

Nonetheless, a day after that, the WSJ mentioned that the crypto exchange removed both of the banks from the list. In this respect, the media outlet also referred to a spokesperson from the crypto exchange. Despite of the respective banks’ removal, the reports say that the P2P consumers of Binance are even now selling ads via “the green bank.”

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