Russian Court Takes Binance Exchange Crypto from Black List Website

Binance, the largest cryptocurrency exchange by trading volume, has persuaded a Russian court to remove its website from a regulator’s blacklist.

The site has been blocked since June, when a court in the Arkhangelsk region ruled in favor of local prosecutors, saying the company was helping to distribute information about bitcoin and that the cryptocurrency was unregulated.

“The issuing and use of bitcoins is fully devolved, and there is no way to regulate it by the government, which contradicts current Russian law,” a September court decision read.

However, Binance was not notified of the court hearings and only discovered he was blacklisted by Internet censorship agency Roskomnadzor three months later, according to Gleb Kostarev, Binance’s Russian representative. This prevented the exchange from being able to properly defend its rights in court.

After Binance challenged the decision, demanding due process, prosecutors withdrew their complaint, the new court ruling, seen by CoinDesk, indicates.

Cryptocurrencies like bitcoin are not illegal in Russia. The country’s law on digital assets, which went into effect on January 1, recognizes cryptocurrencies as a taxable property and regulates the issuance of central digital tokens in the country. President Vladimir Putin has also signed an order that civil servants must report their crypto holdings.

The country’s central bank has also issued a directive limiting the amount of digital assets an unqualified Russian investor can buy to no more than 600,000 rubles in a year (about $ 7,740).

Rules for how Russians must report their crypto holdings for tax purposes are still being finalized.