- Binance bans Russian customers from P2P trading In Euros and Dollars.
- European Union customers won’t be able to trade Rubles peer-to-peer.
- The restrictions come as the EU enforces its 10th sanction package on Russia.
On the first anniversary of Russia’s invasion of Ukraine, Ursula Gertrud von der Leyen, the President of the European Commission, penned a letter regarding the bloc’s latest sanction package. The tenth attempt at stopping Russia’s illegal assault on neighboring Ukraine seems to be in full swing as crypto platforms are forced to take action.
In the open letter, Ms. Leyen also states: “We now have in place the toughest sanctions ever introduced by the European Union. And we have to ensure that they are strictly applied”. Indeed, the tightened sanctions have put Russian citizens in long-lasting turmoil, and this time they apply to all cryptocurrency exchanges serving the country.
Binance’s Special Removal Operation Praised by Anonymous
Russian users won’t be allowed to trade on Binance P2P in the United States Dollar (USD) and Euro (EUR), which aligns well with the already present sanctions regarding SWIFT and SEPA payments, disconnecting the Russian Federation from the Eurozone. In contrast, Ukrainian pharmacies recently integrated Binance Pay for faster medical goods arrival.
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In addition, the news was gladly received by Anonymous, the most famous international hacktivist group. They said it “Looks like a sanction almost and more crypto should follow suit,” implying that the European Commission was previously too soft on Vladimir Putin’s violent regime.
Crypto Is a Lifesaver for Ukrainian Soldiers
Crypto has been mainstream in Ukraine since the invasion began and was deemed a life-saver by Mykhailo Fedorov, the country’s Vice President. Because of the usually quicker transaction speed, donations come earlier and during the weekends.
On top of that, Inspired by President Volodymyr Zelensky, all of Ukraine’s parks and squares were immortalized in the Freedom Squares NFT collection, which generated over $2 million in donations for the embattled Eastern European country last year. With plans to build an innovative crypto hub in Kyiv, Ukraine is now the fastest-growing country in crypto adoption.
On The Flipside
- The restrictions are limited to Binance’s peer-to-peer (P2P) platform and won’t affect spot trading pairs.
Why You Should Care
The CeFi giant Binance complies with European Union sanctions concerning Russia’s invasion of Ukraine, setting an example for other retail crypto enterprises.
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