Binance Lifts Ban on Russian Users, But Not on P2P

Just one year after the Russian invasion of Ukraine, Binance lifted key restrictions for Russian users.

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  • Binance lifted some restrictions on Russian users.
  • The exchange claims it is still abiding by EU sanctions. 
  • Russian users still can’t access Binance’s P2P trading.

The crypto community is closely watching the impact of sanctions and boycotts against Russia following its illegal invasion of Ukraine. A year later, the largest crypto exchange quietly lifted some restrictions for its Russian users. 

Russian users can again use their local credit cards to deposit fiat on Binance. They can also hold balances over 10,000 euros. However, P2P trading is still not available for Russians. 

Binance Removes Key Restrictions for Russian Users

Russian users can use their local Mastercard and Visa cards for fiat deposits, crypto news site Forklog reported on Sunday, April 23. 

According to the site, Russian users can now deposit rubles, euros, British pounds, and other currencies using bank cards issued in the country. However, deposits in US dollars remain unavailable. 

Earlier, Russian users reported that Binance also removed limits for account balances over 10,000 euros, Forklog wrote on Saturday, April 23. 

Binance Insists It Is Abiding by EU Sanctions Against Russia

Despite lifting several restrictions on Russian users, Binance maintains that it continues to abide by European Union’s (EU) sanctions against Russia. 

“All current restrictions related to sanctions against Russian nationals are applied by the platform and its legal entities in the European Union in full,” a Binance spokesperson told Forklog. 

According to the exchange, sanctions are also why Binance continues to block P2P trading in Russia.  

“In accordance with the tenth package of restrictive measures of the EU against Russia, access to buying and selling USD & EUR on the Binance P2P platform for Russian citizens, as well as any individuals residing in Russia, regardless of nationality, is prohibited.“

On the Flipside

  • Since the start of the invasion, Russia has been looking for ways to use digital currency to evade sanctions. On April 18, the Governor of the Bank of Russia revealed that the country is drafting a bill to allow crypto in international settlements
  • Binance is facing legal trouble in the US. On March 27, the Commodity Futures Trading Commission (CFTC) sued Binance for operating an illegal derivatives exchange. 

Why You Should Care

Binance’s new stance on Russian users could also lead to other exchanges changing their policies. However, it could also further alienate the exchange from US and EU regulators and lawmakers. 

Read about Russia’s latest attempts to use crypto to circumvent sanctions:

Russia Close to Adopting Crypto in International Trade

Read about crypto’s role in the war in Ukraine:

Crypto in Conflict: How Crypto Fuels the Ukraine-Russia War

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.

Author
David Marsanic

David Marsanic is a journalist for DailyCoin who covers the intersection of crypto, traditional finance, and government. He focuses on institutionalized crypto entities like major cryptocurrency exchanges and Solana, breaking down complex topics into easy-to-understand writing. David's prior experience as a business journalist at various crypto and traditional news sites has enabled him to maintain a critical approach to news while adhering to high journalistic integrity standards.