Binance customers report the exchange removed restrictions on storing more than €10 000 for residents of the Russian Federation

There has been no official statement on this yet

18.04.2023 - 07:20

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What’s new? On April 17, Russian users of Binance reported that the crypto exchange removed restrictions and deposit size limits for them, DeCenter’s Telegram channel reports. Customer appeals to technical support confirmed this fact, with no official statement from the platform yet. In April 2022, the EU introduced the fifth package of sanctionsagainst Russia, which limited Russians’ investments in digital assets to €10 000. At the same time, Binance also imposed restrictions on Russian residents as part of compliance with the EU order.

DeCenter’s Telegram channel

Binance and restrictions against the Russian Federation. In October, the European Union adopted the eighth package of sanctions against Russia, which imposed a complete ban on servicing all crypto wallets of the country’s citizens. Then representatives of Binance complained about the lack of clarity on the issue of sanctions against Russia. The company explained that the European Commission had not provided clear recommendations on their compliance.

Later, Binance CEO Changpeng Zhao explained that the exchange must comply with the laws of those countries in which it is licensed. However, he called the situation with sanctions against Russia “tricky”, adding that the exchange does not have a clear idea of their implementation at the international level.

In March this year, Russian users of Binance’s peer-to-peer (P2P) service reported new restrictions on the part of the crypto exchange, introduced in accordance with the tenth package of EU restrictive measures. Thus, while being in the Russian Federation, users will not be able to buy or sell dollars and euros.

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