Binance will allow Russians to withdraw assets in case of new restrictions

The platform has not yet received official confirmation of the tightening of EU sanctions against digital funds of Russian citizens

06.10.2022 - 14:45

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2 min

What’s new? Representatives of the cryptocurrency exchange Binance said that they have not yet received official confirmation of the tightening of EU sanctions against the crypto assets of Russian citizens. According to TASS, citing the support service of the platform, withdrawal of funds from wallets is still available for customers from the Russian Federation.

TASS material

What else did the exchange representatives say? The Binance support service said that Russians will be able to withdraw funds, as information about restrictions has not been confirmed. They added that there were no innovations in the exchange's work with clients from Russia as well.

Alexey Kornev, an expert of ACRA corporate ratings group, said in a conversation with Prime that freezing the crypto assets of Russians is out of the question now, while exchanges will most likely give clients enough time to withdraw funds. He noted that after the adoption of the fifth package of EU sanctions, platforms gave time for customers to withdraw assets exceeding €10 000. Now history will repeat itself, said Kornev.

The expert also drew attention to the fact that the total amount of funds affected by the restrictions is difficult to estimate.

“Regarding the total amount of funds, the sums with the freezing of gold and foreign exchange reserves are not even close to comparable. A rough estimate is that about 3% of citizens have any assets in cryptocurrency,” Kornev concluded.

The Prime magazine's material

What is known about the restrictions? According to the eighth package of EU sanctions against Russia, which was adopted on October 6, there is a complete ban on the service of all cryptocurrency wallets of citizens of the country. Russians will also not be able to create accounts or store digital assets, regardless of their amount.

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