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Binance Limits Services to Russian Users to Comply With EU Sanctions

Following the latest round of EU restrictions against Russia, digital asset exchange Binance is limiting services to Russian clients. The company pledged to lead the industry in implementing the sanctions and urged all major trading platforms to follow.

Binance, the world’s leading cryptocurrency exchange, is restricting services for Russian nationals or natural persons residing in Russia and legal entities established in the Russian Federation that have crypto assets exceeding €10,000 ($10,800) in value.

Furthermore, all deposits to accounts for Russian nationals and residents or Russia-based legal entities with over €10,000 will be restricted. Users with open futures/derivatives positions who have balances exceeding that amount will have 90 days to close them out and won’t be able to open new positions.

At the same time, accounts of Russian nationals residing outside the Russian Federation and those of Russian citizens, residents, and companies in Russia that remain below the €10,000-threshold will not be affected and will remain active, Binance emphasized.

“While these measures are potentially restrictive to normal Russian citizens, Binance must continue to lead the industry in implementing these sanctions. We believe all other major exchanges must follow the same rules soon,” the company stated.

In early March, Binance CEO Changpeng Zhao told Bloomberg the exchange was freezing the accounts of sanctioned Russian individuals but insisted that blocking all Russians from accessing the platform would be “unethical.” The executive also dismissed concerns that cryptocurrencies could help Moscow circumvent western sanctions.

Do expect other cryptocurrency exchanges to comply with the European Union’s sanctions on Russia? Let us know in the comments section below.

News Wire

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