Russian court order removes Binance website from regulator’s blacklist
- No Longer Banned: Binance Achieves The Lockdown
- Russia is going to tighten crypto regulation in the country
The court overturns the decision to block the Binance website in Russia
Binance has achieved the cancellation of the court decision to block the site of the crypto exchange
Gross violations have been identified in legal proceedings against Binance
Russia tightens regulation of the crypto market
The Arkhangelsk Regional Court overturned the decision to block the site of the Binance crypto exchange in Russia. This was stated in the press service of the company.
No Longer Banned: Binance Achieves The Lockdown
The Arkhangelsk Regional Court overturned the decision to block the site of the Binance crypto exchange in Russia and removed it from the Unified Register of Prohibited Internet Resources. This was reported by the press service of the cryptocurrency exchange Binance in Russia to BeInCrypto
The site of the Binance crypto exchange has been under the threat of blocking since September 2020. The site received a notification from Roskomnadzor of the Russian Federation about the site being entered into the domain name register containing information prohibited for distribution in Russia. Regulators demanded to remove information about bitcoin, recognized by the court as illegal.
The initial decision to block the site was made by the Mirny court of the Arkhangelsk region at the request of the local prosecutor, who considered that information about cryptocurrency in Russia should not be disseminated. The site owners did not have the opportunity to defend their rights in the court of first instance, since they were not notified of the start of the court proceedings regarding the blocking of the site.
“As one of the leading crypto exchanges in the world, Binance values its reputation as well as its responsibility to the law and its users. We are glad that we were able to successfully challenge the blocking of the domain and the corresponding court decision in due course, ”said Gleb Kostarev, Director of Binance in Russia, Ukraine and the CIS.
He also expressed the hope that the adoption of transparent laws in the field of cryptocurrency regulation will help avoid regulatory uncertainty that negatively affects the development of cryptocurrency projects in Russia.
The interests of the company were represented in court by the law firm Digital Rights Center, which won the case by proving the illegality of the blocking decision. The lawyers managed to prove several gross procedural violations that were committed during the court proceedings.
Digital Rights Center lawyers appealed the decision of the Mirny City Court and proved the illegality of the earlier decision to block the Binance website.
Unfortunately, illegal blocking of sites devoted to the topic of cryptocurrencies is a common practice in Russia. In any case, we will continue to fight for the right of resources to disseminate information about cryptocurrencies and the right of citizens to access information, the dissemination of which is not prohibited by law, “commented Mikhail Bautin, partner of the law firm Digital Rights Center.
In addition, on January 1 of this year, the law “On digital financial assets”, Which legalizes the circulation of cryptocurrencies, so blocking the site on the basis that it is impossible to publish such information is now definitely illegal. As a result, the prosecutor’s office was forced to abandon its claims to the site owner in an appeal..
Russia is going to tighten crypto regulation in the country
Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, expects that regulation of the cryptocurrency market in the country will become tougher, since the relevant issue has already been raised in the government.
In particular, the authorities will try to take control of the taxation of cryptocurrency transactions, as well as monitor the process of declaring digital coins by holders. The crypto business has already opposed this initiative and proposed to limit the powers of the Federal Tax Service in determining the market price of digital currencies for subsequent taxation..
“When the question of effective regulation comes up, it is important to take into account not only existing practices and the expertise of industry specialists. It is much more important to take into account the consequences that can affect the entire industry and all its participants, if even minor mistakes and shortcomings are made in the process of developing regulations. The draft law No. 259-FZ “On digital financial assets” that comes into force in January is in itself incorrect and will definitely have a negative impact on the industry. shop equipment at Colibri Group / ARPA.
Note that the adoption of the draft law “On digital financial assets” has already led to the flight of the cryite business from Russia.
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