Binance, the largest cryptocurrency exchange in the world, is considering a full withdrawal from Russia. The announcement comes days after the crypto giant removed sanctioned Russian banks from its peer-to-peer service. 

Binance said it is reevaluating its business in Russia and may fully pull out of the country, the Wall Street Journal reported. "All options are on the table, including a full exit," a spokesperson for the crypto exchange said.

On Aug. 25, Binance announced that it had removed five sanctioned Russian banks from its peer-to-peer service, the Wall Street Journal reported. “We regularly update our systems to ensure compliance with local and global regulatory standards," a Binance spokesperson said, WSJ reported. "When gaps are pointed out to us, we seek to address and remediate them as soon as possible.” In response to allegations that Russian traders were attempting to work around the new restrictions, the spokesperson said, "We are aware of efforts to circumvent our controls and we are proactively taking action to ensure that controls remain strong.”

Other crypto exchanges remain active in Russia, including OKX, which allows peer-to-peer trades of rubles and digital assets, according to the Wall Street Journal. "OKX serves global users, including Russian users, in compliance with applicable sanctions requirements," according to a spokesperson.

OKX is the sixth-largest crypto exchange in the world by volume and has been linked to members of the Chinese Communist Party, Federal Newswire previously reported.

In the wake of Russia's invasion of Ukraine, Binance has been active in policing its platform for Russian scammers looking to take advantage of pro-Ukraine fundraisers. A report released in May by blockchain analytics company Elliptic found that several major crypto exchanges answered the Ukrainian government's call to block or remove accounts associated with Kremlin allies from their platforms. Binance and Coinbase have blocked thousands of accounts suspected of being "linked to Russian-origin illicit activity." Elliptic CEO Simone Maini said the report should demonstrate to concerned entities that the crypto industry has the ability to weed out criminals and others with malicious intentions to ensure that crypto is being used for its intended purposes.