Binance published a denial of cooperation with the FSB

The exchange actively reacted to yesterday’s Reuters report on cooperation with the Russian authorities, and in particular with the FSB. In addition to email correspondence, other evidence was published. The general position of the company is as follows (free quotes of theses below):

• The suggestion that Binance has handed over any user data, including Alexei Navalny’s, to Russian FSB-controlled authorities and Russian regulators is false.
• Prior to the war, Binance’s operations in Russia were no different from those of any other international organization, from banks to burger joints.
• Like every other blockchain company operating in Russia, before the war with Ukraine, Binance was actively pushing for Russia to develop an effective regulatory framework for cryptocurrencies, an effort we make in every market we operate in.
• As soon as the war started, we stopped working in Russia. Instead, we aggressively imposed sanctions on Russia. Today, Binance is the only crypto exchange in the world that is applying the latest package of measures against Russian account holders.
• We have also donated significant time and over $ 10 million to humanitarian efforts to help Ukrainians in dire need. This step was recognized and appreciated in person during a Zoom call with CZ's Mykhailo Fedorov, Minister of Digital Transformation of Ukraine.
• Regarding the specific issue of data non-disclosure, today any government or law enforcement agency in the world can request user data from Binance if it is accompanied by appropriate legal justification. Russia is no different. Meeting disclosure obligations to authorities in each jurisdiction is an important part of being a regulated business, and Binance is in compliance with its legal obligations.
• Binance reserves the right to refuse requests from law enforcement authorities if they do not have a legal basis; this applies to all jurisdictions, including Russia.
  Binance has not entered into any agreements with the Russian government that differ from any other jurisdiction — these obligations are common and, for example, any traditional bank would be subject to the same requirements.
• Binance has not sought to actively assist the Russian state in its attempts to investigate Alexei Navalny; on the contrary, the prosecution case against Navalny stated that none of the donations that were the subject of the investigation were related to digital currencies.

After re-reading the Binance publication, we got the impression (we are not claiming this) that some of the information would have surprised a Ukrainian user, but it is impossible to say anything given the rather diplomatic answers. For example, the fact that the exchange denies the 80% share of cryptocurrency conversion into rubles, calling this figure inaccurate, but at the same time recognizing that they are market leaders, and therefore leaders in such conversion. Inaccurate means how much? The figure could be 79% or 81%?

In the near future, we will release a full analysis of all the material, but for now, we recommend that those who read English easily read the original.