The Russian court has reversed a decision to block the Binance exchange domain from being accessed within the country four months after it was originally blacklisted.
Binance is now accessible in Russia once again. The popular cryptocurrency exchange was blacklisted by the Russian internet watchdog, Roskomnadzor in September of last year.
The blacklisting, which occurred without any notice, has finally been lifted thanks to the Russian court overturning the ruling.
Binance Ruling Overturned
Roskomnadzor operates as the Federal Service for Supervision of Information Technology and Mass Media of the Russian Federation. Roskomnadzor notified Binance that the primary exchange domain had been blacklisted within Russia.
Binance had announced that the blacklisting had come as a surprise to it. The exchange also stated it would be seeking legal counsel to assist in the matter.
Four months later and it appears Binance has won the ruling as the Russian courts overturned the blacklisting.
Head of operations for Binance in Russia, Gleb Kostarev, commented on the recent news expressing his happiness with the latest ruling. Kosarev stated in an interview that he was glad that Binance was able to challenge the blocking of the domain.
Binance was not made aware of the efforts being made to blacklist the website in Russia at the time. The exchange had previously announced after the ban that it would still be operating as normal. Russian customers could still deposit and withdraw their funds.
Users were also suggested to make use of the Binance mobile application. Furthermore, customers could still use a Virtual Private Network (VPN) to access the website.
Russia Still Strict on Cryptocurrencies
Russia continues to remain stern on its rules regarding cryptocurrencies. Most recently, Russia passed the Digital Financial Assets and Digital Currency Act in 2020. The act added more regulations on digital assets and forces citizens to report ownership of cryptocurrencies to the tax authorities.
The Russian cryptocurrency exchange Livecoin announced that it would be shutting down due to being hacked.
The hack appeared to be poorly orchestrated according to users of the website, who stated that withdrawals had been blocked 24 hours before the hack occurred. The exchange announced that “there is no way to continue operating business in these conditions” following the theft of 106 BTC, 361 ETH, and 236 BCH.