Sledgehammer in Binance

The largest crypto -rope banned Russians operations with any currencies except the ruble: what's next?

The news for my replica today was the news : “Binance crypto-rope has banned the Russians through the P2P service with any currencies except the ruble.”

This story has its own background. The background has a root cause. The drama is entirely played out against a political background, which decorates the great confrontation of the powers of those in power and a small person around the world. These causal relationships would like to reveal for the reader.

The Binance ban itself is informationally transparent: henceforth, users who registered and have passed the KYC procedure (p The client’s rover to combat money laundering. - Approx. Ed. ) By Russian passport, they will be able to buy crypto activists, paying only rubles that are deposited in the accounts of “correct” banks (at the time of writing the article is: this: this: this is: Raiffeisen, Russian Standard, Mail-Bank, Home Credit, Sitibank, Akbars, Renaissance, BCC, Credit Europe and UNICEDIT) or FINTECH CONTORTS (QIWI, Yumoney, Payer, Advcash). It is pointless to remember this list, since it changes almost daily.

Showing point: in the current Binance indulgence, the exchange is allowed for Russians only in the Person-to-Person market, that is, directly between users. In this exchange, the exchange acts in the form of an intermediary providing the ESCROW account services similar to the functionality of what is given in the bank when applying for real estate transactions (for example, cells for temporary storage of cash buyer).

Options P2R need BINANCE because since 2022 the exchange itself has not accepted any money from Russian subjects - neither rubles, no dollars, nor euros.

This happened after the introduction of the relevant EU sanctions and the ban on the use of the interbank channel of the SWIFT information exchange. It is limited to Binance and the amount of trading accounts belonging to citizens of the Russian Federation: no more than 10 thousand euros.

Typical scenario of using the P2P service for a Russian abroad

1. A citizen of the Russian Federation has rubles on the account in the Russian bank (for example, in Tinkoff) and there is an account, say, in Estonia. The transfer between accounts is impossible.

2. The user goes to the P2P service on Binance, finds an application by a person who needs rubles and who gives any stablecoin (for example, USDT).

3. There is a translation between ruble accounts, before confirmation of the USDT transfer, they are stored in the Escrow count of the crypto-tank.

4. The recipient of rubles confirms their coming to his account, and USDT is unlocked and transferred to the sender on Binance (in case of conflict, the exchange intervenes and tries to resolve it).

5. The user buys on Binance for his USDT, for example, the euro and translates through the SEPA (to IBAN) system to his own account in the Estonian bank.

6. After closing the possibility of transfers to the EU, the user still could sell the USDT through P2R in exchange for the euro, which another user sends him to his account in the Estonian bank, and they give him a USDT from Escrow. Now this opportunity is also closed.

I think it is important to explain to readers that the prohibitions of the Chinese Binance are not the good will of the CHSHO CHANPEN (by the way, the name of the creator of the exchange is correctly pronounced), but a forced measure from the company, which is under unprecedented pressure from the White House administration.

A crusade with all attributes of election justice is being conducted against Binance.

It all started with the fact that last year the SEC (the securities and exchanges commission, the main regulator in the American securities market) hit the third on the capitalization of the stablcoin - Busd ( stabilcoins are a class of cryptocurrencies, the course of which stabilizes, tied them to ordinary currencies. - approx. Ed. ). Without explanation of the causes and the slightest intelligible occasion, Stablecoin Busd (deciphered as Binance US Dollar) was declared an unreliable asset for laundering money by terrorists (where without them) and squeezed out of the market.

The Busd issuer was not the Chinese Binance exchange (which only acquired the right to use its brand in the name of the asset), but the American trust company Paxos, which greatly simplified the task of strangling cryptocurrency. A relaxed meeting of officials with local businessmen, a couple of correct words-et voilà! - Paxos announces the termination of BUSD support, after which the volumes of bidding of the Binance stabiblcoin go to the symbolic level in a matter of weeks. To the joy of direct competitors - American issuers of fiducial stabilcoins USDT (Tether) and USDC (Circle) ( fiducial steablecoins are provided with reserves in the corresponding currency to ensure the stability of the cryptocurrency course. - Ed. ).

The next step (in the same 2022) is the destruction, again out of the blue, Binance US, units opened by the Chinese exchange specifically for the American market. It is difficult to imagine a more pleasant and law -abiding office than Binance US. Employees as a selection are proud passport holders with a white -headed eagle. Nothing helped: they filled up with court claims and nibbled checks on the most do not indulge. To the joy of direct competitors - American crypto -streaks Coinbase and Kraken.

In fairness, it is obliged to clarify that the destruction of the Chinese Binance is only a basic color in a picture entitled "Democrat Hercules tears the mouth of a cryptolva." The Biden administration does not hide his suspicions of the crypto economics and the hands of the chairman of the US Securities and Exchange Commission Gary Gensler, he does everything possible so that in the remaining year of the reign to harm the hazardous industries in his own country as much as possible. As a result, in parallel with the liquidation of Binance US, the securities and exchanges commission (SEC) suits the largest American native Coinbase crypto -tanks, leaves no attempt to sink XRP company, the first claim against which was filed in May 2018, and holds on a permanent sight of dozens of smaller and deprived of all public influence of businesses.

Someday, the unprecedented efforts of the Biden administration aimed at destroying the most revolutionary technological industry of world finances, will be included in history textbooks as an illustration of the lack of pragmatic insight.

I think that this “someday” will happen even rather than many people hope. It is no coincidence that all three candidates for the presidential chair from the Republican Party not only spoke out in support of the cryptoeconomics, but promised to curtail the project for the introduction of CBDC (digital money of the federal reserve) as contradicting the American constitution and encroaching on civilian freedoms.

We return, however, to Binance. In 2023, the European Union pulled up to the fight against the Chinese crypto -story -country carrier. First, Binance was forced to stop issuing their own debit cards to users from Europe. How? Yes, just the MasterCard issuer decided to interrupt the cooperation with the "wrong" Chinese exchange.

The other day, European Binance users have lost the opportunity to display the euro and through the last official channel - through the SEPA (Single Euro Payments Area) protocol. How? Yes, just Fintech Paysafe also refused to cooperate with Binance. Formally, deadline Paysafe is announced on September 25, but the fanno malfunctions are covered by European users today.

Why is it so fierce, do not put the Binance exchange in a democratically spread? The formal wand-lifescin is already familiar to us since 2001: "The fight against international terrorism and laundering of criminal money." This Zhupel is happy to use states from the United States to Russia through China, Australia and Brazil with Argentina. "International Terrorism" is the favorite meme of this way.

Terrorism, however, was both in 2010 and in 2020. But no one really oppressed Binance. And suddenly now it rushed and went.

It is not difficult to guess that terror -sobrous paroxysm is called to the life of a meme about "observing sanctions." Accordingly, the main “Bencladens ” of our time - Russian poor fellows, who are decisive issues of material survival in the most popular in the Russian -speaking environment of the Binance cryptocurrency in the Russian -speaking environment.

My replica is full of emotions for the only reason: you need to have unique savagery of the mind in order to methodically fight ordinary citizens who change their miserable crumbs through the P2P channels of the Chinese exchange.

Well, they would say in direct text: we understand that the money turnover in P2P on Binance is the transactions of those who have already left the country or are going. We understand that these forgiveness instead of erecting barricades and overthrowing the regime in their homeland, trying to leave the country, grabbing money from their vicious past to their foggy future. We understand all this, and we don't like it at all. Therefore, at first we blocked all the official banking channels, turned off SWIFT, and debit cards issued by Russian banks brought to the functionality of cocaine blades. Then we achieved that the last banking misunderstandings in the Russian Federation - Raiffeisen and Citibank - began to conduct transactions with euros and dollars only in exchange for a “commission” of 50%. Well, now we have forced Binance to turn off the owners of red passports all transactions except ruble, even in the P2P section.

If they voiced all of the paragraph above with a direct text, this could still be somehow understood. Well, they do not like people for their passport - you will not forcely sweet. So no! Do not say anything in direct text. Instead, officials talk about “effective sanctions”, about the importance of combating channels that allow the “Putin regime” to evade sanctions.

Everyone is invited to believe that it is the R2R market on the Binance Chinese Exchange is the most silk path that the Putin regime bypasses European sanctions.

From love for objectivity, something must be added for the unconscious part of the audience. In order not to deviate from the plot, let's talk about the same “effective prohibitions”.

I am going through Google's answers to a request for “effectiveness” of sanctions. I mention dubious sources. Here's a kind of resource that is difficult to suspect of manipulations - Reuters. The study is called "EU Keeps on Doing Business with Russia Despite Sanction".

I open and read:

• According to the Eurostat, from March 2022 to the end of January 2023, the European Union imported goods from Russia for 171 billion euros (a quote from the original source: “Against this figure of this figure, 60 billion euros provided by the EU in the form of Ukraine from the beginning of aggression, looks dwarf”);

• In 2021, the EU imported 16 billion cubic meters of liquefied gas from the Russian Federation, in 2022-22 billion (an increase of 38%);

• imports in the EU Russian fertilizers in 2021-1.85 billion euros, in 2022-2.6 billion (an increase of 40%);

• imports in the EU Russian diamonds in 2022 - 1.4 billion euros;

• Import in the EU products of the Russian nuclear industry in 2022 - 750 million euros.

I think there are enough numbers. About Turkey and India, who, not believing the emerging a farm, are bought by En Masse Russian gas and oil, then to resell further around the world (including in the EU), I won’t even stutter: the “dictator” of Erdogan and the “Gujarat butcher” Modi, as it were, violate the purity of the experiment. But here, after all, the initiators of the fight against the Putin regime with the help of economic sanctions with one hand overlap money breathing to private individuals, whose involvement needs to be proved in the regime, and with the other hand they purchase directly from the same regime for the amount of the amount of Binance P2P 2. How is it possible?

I'm not going to engage in moralism. Respect for the reader requires everyone to draw their own conclusions. The main thing is to remember that the monochrome world is a deformed matrix inherited from the totalitarian twentieth century.

It is this virus of monochrome manicheism that poisons today all our information space from politics to the economy and does moral harm comparable to the Covid. Remember this whenever you build Lubka about "good - there are bad ones in your head."

To all those who have already turned the brains of a slap, trying to invent a way of moving personal savings contrary to state terrorism and prohibitions of the traditional financial system, I will say that I will say that

It is time to tie with the use of surrogate intermediaries, such as centralized crypto -streaks, vulnerable to any national and geopolitical jurisdiction.

In modern cryptoeconomics, such intermediaries are a stone age. There is a vast sea of ​​alternatives and Binance and the rest of the Fintekhi Frankensteins.

Only decentralized exchange sites using Escrow accounts without KYC are good for a hundred. Moreover, in addition to the fiducial fiat ramps (those where the site itself acts as an arbitral tribunal in case of disagreement between the exchanging parties), there are already fully decentralized protocols, where not intermediaries, but smart contracts (search can be started with hodlhodl).

Unlike the centralized Binance exchange, such systems allow the use of an Escrow account, the money on which is controlled by three signatures: a buyer, seller, sites that in this case do not store money. The USDT seller puts bitcoins in Escrow, the buyer transfers rubles to the seller, where they say, two of three signatures of three are needed to free the USDT from Escrow.

If there is no disputes, the seller puts the signature, the buyer puts it, and the USDT is handed over to the buyer. The transaction is closed. If there is a dispute, then one signature (either the seller or the buyer) is placed, and the organizer puts the second after considering the case in support of either the buyer or the seller - the money is leaving.

So do not succumb to Victimazing and dare.

Within the framework of the announced bastard of the monochrome world, I hasten to reassure the reader, who, after reading the replica, gave the impression that the fight against Binance is exclusively “the forces of light”. God forbid!

The struggle of the Central Bank of the Russian Federation for the courage of Russian citizens from the popular Chinese exchange lasted years. It’s just that today the energy is redistributed for more large -scale goals.

Throughout August, the Russian media were torn between two narratives: on the one hand, horror stories about crypto -mesh people who stole the last 20 million rubles of savings (right according to Galich!) Pouring a dirty stream. On the other hand, journalists paint a breathtaking lubbing about how the "digital ruble of the payer protects."

In other words, the rate is placed on the global corral of the population in the happiness of CBDC (right according to Platonov!). If the idea is crowned with success, then the need for the use of P2P on Binance itself will dry and fall off. Because there will be nothing to change: there will be neither cash, nor bank accounts with rubles, nor bank accounts with dollars. And the “digital ruble” by definition is not only on the Chinese exchange - in the neighboring city you won’t make, if there is the will of the sovereign.