Binance Blocks Russians from Trading EUR and USD, Bans Ruble in P2P

Binance’s special removal operation comes in compliance with the 10th sanction package enforced by the European Union.

Russian president Vladimir Putin standing alone in the desert as a windy storm emerges.
  • 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.


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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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.