Binance cryptocurrency exchange introduces tougher checks for users from Russia after the latest wave of EU sanctions. About this Binance reported today in their blog.
In particular, the exchange will restrict services to “Russian citizens, or individuals residing in Russia, or legal entities established in Russia” with cryptocurrency assets in excess of €10,000. Users who meet this description must pass a full address verification. Binance made the decision under the fifth package of restrictions for Russia from the European Union.
Deputy Minister of Digital Transformation of Ukraine Oleksandr Borniakov welcomed the changes on his Twitter page.
From April 25, @binance will restrict accounts of those 🇷🇺 citizens whose balance exceeds €10,000. They will only be able to withdraw funds while trade and deposit options will be blocked. Measures were introduced with regard to the adoption of the fifth package of 🇪🇺 sanctions.
— Alex Bornyakov (@abornyakov) April 21, 2022
Users who must now be tested under the new restrictions are in “withdrawal only” mode. This means that deposits or trade will not be available to them.
The restriction also applies to all spot, futures, deposit wallets and deposits. In addition, all deposits over €10,000 in the accounts of the above citizens are limited.
The changes will not affect Russians who live outside the country and can confirm their address, as well as those who are in Russia but have less than €10,000. Russian citizens, individuals and organizations in this country whose assets exceed the threshold and who have open futures and derivative positions will have 90 days to close them. They will not be able to open new positions.