Binance restricts services in Russia following the EU’s latest sanctions

Binance restricts services in Russia following the EU’s latest sanctions
5 months ago
2 mins read

The world’s largest cryptocurrency exchange by trading volume, Binance is set to restrict services to Russian persons or entities with crypto assets exceeding the value of 10,000 euros ($10,885).

Measures imposed by the European Union’s fifth round of sanctions against Russia mandate that Binance place restrictions on the use of its services by individuals or businesses based in Russia with crypto assets worth more than 10,000 euros, as per a statement released by the company on April 21.

The firm announced that accounts that fall within the purview of this restriction would be placed in withdrawal-only status. These accounts will not be able to accept deposits or engage in trading activities. 

Furthermore, the restriction also applies to all spot and futures contracts, custodial wallets, staked and earned deposits, and other derivatives. 

There will be no impact on accounts for Russian nationals living outside of Russia that has been confirmed with evidence of address, as well as accounts for Russian nationals, natural persons resident in Russia, or legal companies incorporated in Russia that have a total value of less than 10,000 EUR will continue to be operational.

Measures restrictive to ordinary Russians

Even though these restrictions may be burdensome for ordinary Russian residents, Binance stated: 

“Binance must continue to lead the industry in implementing these sanctions. We believe all other major exchanges must follow the same rules soon.”

Notably, just two weeks ago, the EU banned the provision of high-value crypto services in Russia to seal ‘potential loopholes.’ While the IMF warned, Russian sanctions could boost the use of crypto and erode the dollar’s supremacy.

However, it’s worth mentioning three reasons Russia can’t overcome sanctions by using crypto as speculation over Russians flocking to crypto surfaced.

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Jordan Major

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.