Binance restricts its services in Russia due to the fifth EU sanctions package

The world’s largest cryptocurrency exchange by volume, Binance introduces major restrictions on Russian users following the European Union’s fifth package of sanctions against Russia.

Binance officially announced new restrictions on Russian citizens or residents on Thursdaywhich discourages these people from trading if they have more than 10,000 euros or 10,800 dollars.

Restricted accounts can no longer deposit or trade using Binance’s spot, futures, and depository wallets, as well as wagered and earned deposits.

Binance restricts its services in Russia due to the fifth EU sanctions package
Binance restricts its services in Russia due to the fifth EU sanctions package

The restriction applies to Russian citizens, individuals residing in Russia and legal entities domiciled in Russiathe ad notes, and adds:

“Accounts held by Russian nationals residing outside of Russia, verified with proof of address, and accounts held by Russian nationals or individuals residing in Russia or legal entities domiciled in Russia with a total value of less than EUR 10,000 are not affected or active.”

Restricted individuals and organizations with open positions in futures or derivatives have 90 days to close their positions.

Binance noted that the newly enacted measures are “potentially restrictive for ordinary Russian citizens.”.” “Binance must continue to lead the industry in enforcing these sanctions. We believe that all other major exchanges should soon follow the same rules,” the company added.

Binance did not immediately respond to Cointelegraph’s request for comment. This article will be updated in anticipation of new information.

Binance CEO Changpeng Zhao previously stated that crypto exchanges like Binance must comply with similar sanctions as traditional financial institutions.. The CEO emphasized that Binance will not “unilaterally freeze the accounts of millions of innocent users” due to Western sanctions against Russia.

The EU officially approved the fifth set of restrictive measures against Russia on April 8 and imposed a series of restrictions on the Russian government in response to its crackdown on Ukraine.. The package included a ban on providing “high quality crypto asset services to Russia.”

Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information contained herein should not be construed as financial or investment advice. All investment and trading movements involve risk and it is the responsibility of each person to conduct their proper research before making any investment decision.

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