World largest crypto exchange, Binance, shared client data, including names and addresses with Russian financial Intelligence organisation Rosfin, an exclusive report by Reuters has revealed.

In the report released on Friday, Reuters alleged that the move was a ‘behind the scene’ attempt by the largest crypto exchange platform to strengthen its business relationship with Russia.

“The encounter, which has not been previously reported, was part of behind-the-scenes efforts by Binance to build ties with Russian government agencies as it sought to boost its growing business in the country,” the report by Reuters read.

The report detailed that Gleb Kostarev, Binance’s head of Eastern Europe and Russia, agreed to Rosfin’s request to share client data, saying that he didn’t have “much of a choice” in the situation.

A person conversant with the matter told Reuters that Rosfin was attempting to track down millions of dollars in bitcoin raised by imprisoned Russian opposition leader Alexei Navalny.

The donations, according to Mr Navalny, whose network is under scrutiny by Rosfin, were used to fund efforts to expose corruption within President Vladimir Putin’s government.

While Mr Kostarev declined to comment on the report, however, Binance said it has never been approached by Russian officials regarding Mr Navalny.

The organisation further said that it was actively seeking compliance in Russia before the war, which made it respond to requests from regulators and law enforcement organisations.

Despite calls from the Ukrainian government for Binance and other exchanges to block Russian users, Binance has continued to function in Russia since February 24, when Mr Putin ordered Russian forces to invade Ukraine.

However, several major payment and fintech companies, including PayPal and American Express, have ceased services in Russia.