Binance slaps restrictions on Russian crypto accounts
ONE of the world’s biggest cryptocurrency exchanges has placed limits on the accounts of Russian users.
Binance has restricted every account held by a Russian national exceeding €10,000 in digital assets, as a response to the European Union’s latest sanctions.
The EU has launched a raft of measures targeting banks, trusts and cryptocurrency wallets in a bid to prevent Russians moving money abroad.
Binance chiefs say they will give Russian nationals 90 days to close their positions, and all accounts falling within the EU’s restrictions will be placed into ‘withdrawal only’ mode.
“The limit also covers all spot, futures, custody wallets, and staked and earned deposits,” a company announcement said.
“In addition, all deposits to accounts for Russian nationals or natural persons residing in Russia, or legal entities established in Russia with over 10,000 EUR will be restricted. Accounts for Russian nationals residing outside Russia, as verified with proof of address, and accounts for Russian nationals or natural persons residing in Russia, or legal entities established in Russia, that remain below a total value of 10,000 EUR, will remain unaffected and active.
“While these measures are potentially restrictive to normal Russian citizens, Binance must continue to lead the industry in implementing these sanctions. We believe all other major exchanges must follow the same rules soon.”