The world’s largest cryptocurrency exchange by volume, Binance is adopting major restrictions for Russian users following the fifth package of European Union sanctions against Russia.
Binance officially announced on Thursday new limitations for Russian citizens or residents of Russiarestricting these people from trading if they have more than 10,000 euros, or 10,800 dollars.
Restricted accounts can no longer deposit or trade using Binance’s spot, futures and custodial wallets, as well as staked and earned deposits.
The restriction concerns Russian citizens, natural persons residing in Russia and legal entities based in Russiathe ad notes, adding:
“Accounts of Russian nationals residing outside Russia, verified with proof of address, and accounts of Russian nationals or natural persons residing in Russia, or legal entities established in Russia, that remain below of a total value of 10,000 euros, will not be affected or active.”
Restricted persons and entities with open positions in futures or derivatives will have 90 days to close their positions.
Binance noted that the newly adopted measures are “potentially restrictive for ordinary Russian citizens.”.” “Binance must continue to lead the industry in enforcing these sanctions. We believe that all other major exchanges should follow the same rules soon,” the firm added.
Binance did not immediately respond to Cointelegraph’s request for comment. This article will be updated pending new information.
Binance CEO Changpeng Zhao previously stated that crypto exchanges like Binance must comply with sanctions similarly to traditional financial institutions.. The CEO emphasized that Binance will not “unilaterally freeze the accounts of millions of innocent users” due to Western sanctions against Russia.
The EU officially approved the fifth package of restrictive measures against Russia on April 8, adopting a series of restrictions against the Russian government in response to its actions against Ukraine.. The package included a ban on providing “high-value crypto asset services to Russia.”
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