Binance notified Russian users of new restrictions

This is due to the crypto exchange’s compliance with the fifth package of EU sanctions against Russia

21.04.2022 - 09:00

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What’s new? Binance, the world’s largest crypto exchange by trading volume, has announced the introduction of restrictions on Russian citizens, companies, and individuals located in Russia. The restrictions will affect those accounts that have an account with an amount exceeding €10 000.

News on the Binance website

What restrictions will be introduced? For accounts with an amount in excess of €10 000, the account will be put into “withdrawal-only” mode, and users will not be able to trade or deposit additional funds into their account. The limit covers all spot, futures, and custody wallets, as well as interest on deposits and staking. 90 days will be provided for closing positions. Withdrawals to other crypto wallets will remain possible at any time.

Binance stressed that a complete halt of operation in Russia is not yet planned, but the platform’s representatives will continue to study the situation and will follow sanctions in case of their expansion by the international community.

What had happened before? On April 8, 2022, the European Union imposed the fifth package of sanctions against Russia, the new measures will limit Russian residents’ investments in cryptocurrency to €10 000. These changes are designed to prevent Russian oligarchs from bypassing restrictions on investments in the EU by using cryptocurrencies.

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