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Crypto’s largest centralized exchange reportedly plans to end its partnership with Advance Cash, a Central American-based payment processor facilitating ruble transactions for Binance users. Binance sent an email to a client informing of its decision to shutter an agreement with payment processor Advance Cash, according to the Wall Street Journal citing people familiar with the matter. The report on Nov. 1 said that Advance Cash had not received any updates from the crypto exchange. Advance Cash, also known as Advcash, is a Belize-based company that handles fiat transactions for digital asset operators. Part of the firm’s services includes facilitating deposits and withdrawals denominated in the Russian ruble . Advcash reportedly allowed users to move funds from sanctioned Russian banks to Binance. crypto.news reached out to Binance for comments on the matter but was yet to hear back at press time. Binance has parted ways with a number of payment processors across Europe and t...

A former National Security Agency ( NSA ) employee may face life in prison after pleading guilty to attempting to sell US defense secrets to R US sia in exchange for crypto .  31-year-old Jareh Sebastian Dalke leaked four top secret files and excerpts of three more while working as an information systems security designer for the NSA.  Dalke shared these files with an FBI online covert employee (OCE) whom he believed was a Russian Federation agent. Last week’s plea agreement says he shared the top secret documents with the intent to “injure the United States and to benefit [Russia].”  Dalke requested $85,000 in crypto for the documents and promised he could supply more in the future. For the three excerpts, the OCE sent Dalke $16,499 in undisclosed crypto. Protos reported last year that the crypto was likely Monero. The crypto was received through his Kraken account. Then he converted some of it into US dollars before sending the funds to a Colorado bank in his name. ...

Russian President Vladimir Putin signed the digital ruble bill into law on July 24. President Vladimir Putin had given his official approval, signing the digital ruble bill into law, and thus, putting Russia on track with its central bank digital currency (CBDC) implementation plan. Based on an official governmental statement, the digital ruble law is set to come into operation from August 1, 2023, with all rules except for one due for enforcement. The one rule that was not immediately enforced pertained to amendments to multiple federal laws in Russia, encompassing inheritance and bankruptcy. These adjustments are set to be operational from August 2024. The legislative development in August allows the Russian central bank the power to launch the first real consumer CBDC pilot. This initial expectation had been for trials to kick off in April, involving collaboration with 13 local banks, with Sberbank, Russia’s biggest bank, among them. In line with the law that was jus...

Russia’s existing regulatory stance on the cryptocurrency industry would potentially lead the country to “direct financial losses,” the RACIB argued. As Russia continues to delay adopting crypto currency regulations, local advocates have appealed to Russian President Vladimir Putin to change the government’s approach to regulating the market. The Russian Association of Crypto Industry and Blockchain (RACIB) — a major group of crypto and blockchain enthusiasts in Russia — issued an open letter to Putin on March 6, urging the president to address the risks of ignoring the global development of the crypto industry. In the letter, the RACIB argued that Russia has been too slow to implement experimental legal regimes targeting crypto adoption despite enforcing its first crypto law, “On Digital Financial Assets,” in 2021. In November 2022, lawmakers in Russia introduced a series of legal amendments to the crypto law, proposing to launch a “national cryptocurrency exchange.” According to th...

DeFi systems are able to displace the traditional market of banking services, Sber’s Blockchain Lab product director Konstantin Klimenko said. Russia’s largest bank Sberbank is moving forward with the plan to launch its decentralized finance (DeFi) platform, preparing to trial the product in a few months. Sberbank expects to launch open trials of its DeFi platform by May 2023, Sber’s Blockchain Lab product director Konstantin Klimenko announced, the local news agency Interfax reported on Feb. 3. Currently being tested in private beta, Sberbank’s upcoming DeFi platform will be fully open by the end of April, enabling users to conduct the first commercial transactions, Klimenko said. The exec noted that the blockchain platform will be compatible with the Ethereum blockchain, allowing customers to use major wallets like MetaMask to move their assets. Klimenko also noted that users will be able to transfer their assets from other platforms. The blockchain executive stated that Sberbank’...