Binance denies reports about blocking crypto cards of Russians with EU residence permits

Representatives of the exchange said that no restrictions were imposed on such customers

25.04.2023 - 15:45

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2 min

What’s new? On April 25, the media reported on the blocking of physical cards of Russian users of the Binance exchange. It was reported that the restrictions affected customers who were verified with a Russian passport and received a card on the basis of a residence permit in the European Union. Representatives of the platform denied this information in a comment for the publication ForkLog, stating that at the moment there are no restrictions for customers with a valid residence permit in the European Economic Area.

ForkLog’s material

Binance and Russia. In October 2022, the EU completely banned crypto companies from serving customers in the Russian Federation, after which Binance representatives complained about the lack of clarity about the restrictions.

In November, Binance CEO Changpeng Zhao stated that the EU sanctions created a “tricky situation” to work with users from Russia while stressing that the platform must comply with the laws of those countries in which it is licensed.

In March 2023, it became known about the new restrictions of Binance for Russians. Thus, users of the P2P service will not be able to buy or sell US dollars and euros as part of the tenth package of EU restrictive measures. The sanctions affected Russian citizens and people of any nationality living in the country.

In April, Russian users of Binance reported that the exchange lifted the €10 000 limit on the amount of a deposit, which was confirmed by technical support. However, a Binance representative later statedthat sanctions against Russian citizens were being applied by the platform and its legal entities in the European Union in full.

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