Russian court sentences former Binance Russia head to 5 years for fraud

A Russian court has sentenced Vladimir Smerkis, the former head of Binance Russia, to five years in prison on fraud charges, Bits.media reported. Smerkis led Binance's operations in Russia and the Commonwealth of Independent States (CIS) from early 2022 to September 2023, after which he launched the Telegram-based clicker mini-game Blum. According to Russian prosecutors, Smerkis accepted approximately $110,000 from a crypto blogger for promotional services but failed to deliver the promised advertising, instead using the funds for personal expenses.