Binance Limits Services for Russian Nationals

After the introduction of EU’s 5th package of restrictive measures against Russia, digital asset trading platform Binance announced restrictions on Russian accounts holding more than 10,000 EUR worth of crypto assets today.

According to the details shared by the crypto trading platform, accounts classified under the new restrictions will not be able to make deposits. The company has given a period of 90 days to the mentioned account holders to close their trading positions.

“Accounts that classify under this restriction will be put into withdrawal-only mode. No deposits or trading will be permitted on these accounts. The limit also covers all spot, futures, custody wallets, and staked and earned deposits. In addition, all deposits to accounts for Russian nationals or natural persons residing in Russia, or legal entities established in Russia with over 10,000 EUR will be restricted,” Binance noted.

The crypto exchange has imposed restrictions only on accounts with a value of more than 10,000 EUR. Russian nationals living outside the country with a verified address will remain unaffected. “Accounts for Russians residing outside Russia, as verified with proof of address, and accounts for Russian nationals or natural persons residing in Russia, or legal entities established in Russia, that remain below a total value of 10,000 EUR, will remain unaffected and active,” the exchange explained.

Restrictions

Binance is not the only financial firm that has imposed restrictions on Russian users. Several financial brokerages and payment companies suspended their operations in the region amid the war in Ukraine. PayPal closed its operations in the region during the first week of March.

Furthermore, the financial brokerage, Saxo Bank stopped providing its services to Russian and Belarusian clients. Earlier this month, EXMO, a prominent crypto trading services provider, left the Russian market and sold its regional business to a software development firm.