Binance Lifted €10,000 Limit For Russians

Key Points:

• Binance has removed the €10,000 restriction for Russian accounts.
• According to the exchange’s technical assistance, “there are no limits on the accounts, you may make a deposit without worrying about the limit of funds.”
• It is possible to deposit and operate with quantities of more than €10,000.

Binance, the world’s biggest cryptocurrency exchange by trading volume, has increased certain limitations for Russian accounts, according to RBK business daily, citing the company’s technical support service.

According to the article, Binance’s tech support has been replying to Russian customers’ questions, stating that “there are no limits on the accounts, you may make a deposit without worrying about the limit of funds.” Users have purportedly been permitted to deposit and undertake activities with sums more than €10,000 ($11,000).

Binance placed harsh restrictions on Russians with assets worth more than €10,000 on its platform in April 2022. The exchange highlighted the EU’s fifth package of sanctions on Russia as the reason for its decision at the time.

The exchange banned Russian customers from buying and selling US dollars and euros on its P2P (peer-to-peer) network in March. The restrictions prohibit Russian people and businesses from using cryptocurrencies, as Western officials believe that the virtual asset class may offer a backdoor way to avoid penalties.

At the time, the corporation blamed the move on Western sanctions against Moscow, stating that any person living in Russia, regardless of nationality, would be unable to do transactions in dollars and euros.

The exchange has also allegedly barred EU customers from making Russian currency transactions over the site. While attempting to conduct a P2P transaction in rubles, the site requested users to choose a “local currency.”

Following Binance, other cryptocurrency exchanges such as Blockchain.com, Crypto.com, and LocalBitcoins prohibited Russians from utilizing their services.

The West continues to aggressively penalize Russia for its invasion of Ukraine. As a result, the Russian Federation has pondered utilizing cryptocurrency to circumvent sanctions.

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Harold

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