Binance imposed new restrictions for Russian nationals and residents on Thursday, prohibiting them from trading if they have more than 10,000 euros ($10,800).
According to a statement made by Binance on April 21, measures imposed by the European Union’s fifth round of sanctions against Russia necessitate that Binance implement limits on the use of its services by people or enterprises situated in Russia with crypto assets worth more than 10,000 euros.
Binance CEO Changpeng Zhao recently stated that crypto exchanges, like traditional financial institutions, must adhere to penalties. Binance’s spot, futures, and custody wallets, as well as staked and earned deposits, are no longer available to restricted accounts.
According to the notice, the term applies to Russian nationals, a natural person resident in Russia, and legal entities based in Russia.
“Accounts for Russian nationals 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.”
Accounts that fall under this restriction will be placed on withdrawal-only status, according to the firm. These accounts will be unable to accept deposits or participate in trading.
Accounts for Russian nationals living outside of Russia that has been verified with proof of address, as well as accounts for Russian nationals, natural persons located in Russia, or legal companies formed in Russia with a total value of less than 10,000 EUR, will be unaffected.
The EU banned the offering of high-value crypto services in Russia just two weeks ago to close ‘possible loopholes.’ Russian sanctions, according to the IMF, might increase the usage of cryptocurrency and weaken the dollar’s dominance.
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