Binance, the world’s largest cryptocurrency exchange, has followed the EU in restricting crypto services for Russian nationals and Russian establishments/businesses. The company will limit services for Russian residents that possess cryptocurrency worth 10,000 EUR or more.
Crypto-wallets that exceed the amount will be placed into ‘withdrawal-only mode’, with no deposits or trades being permitted, Binance reported. Users that hold over 10,000 EUR in crypto in their accounts and open futures or derivatives positions will have 90 days to terminate them. However, Russian nationals residing outside of the country will no be subject to the restrictions.
Earlier in April, the EU extended its ban of crypto wallet deposits during the sanctions on Russia. The prohibition is aimed at limiting Russians from trying to their move money overseas.
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“While these measures are potentially restrictive to normal Russian citizens, Binance must continue to lead the industry in implementing these sanctions. We believe all other major exchanges must follow the same rules soon,”
the Binance team wrote.
On the Flipside
- Concerns are mounting that Russia could use crypto mining to evade sanctions.
