Binance handed over personal data of users from Russia to the FSB

In April 2021, the FSB met with the Russian director of the Binance crypto exchange and asked him to provide personal data of the exchange’s users. The FSB explained its request as an alleged «fight against crime.»

The information that the special services needed included the names and addresses of Binance users. The head of Binance in Russia, Gleb Kostarev, according to Reuters, agreed to the FSB’s request and apparently shared the database with the security forces. Kostarev also allegedly told his colleague that he had no choice.

According to Reuters, the Russian Binance CEO’s meeting with the FSB was necessary in order to establish ties with Russian special services and thus develop his business in the country. More than 10 sources familiar with the crypto exchange’s operations told Reuters.

Binance did not cease its operations in Russia even after Putin ordered the war in Ukraine. The day before yesterday, it became known that the crypto exchange introduced restrictions for Russian users. If the total value of assets of a user located in Russia exceeds 10 thousand euros, he or she will only be allowed to withdraw funds to other crypto wallets.