Binance Cut Services in Russia to Align with Western Sanctions

Binance Cut Services in Russia

Binance is limiting its services to Russian individuals or businesses with crypto assets worth more than 10,000 euros ($10,885).

According to a statement released by Binance on April 21, measures imposed by the European Union’s fifth round of sanctions against Russia require that Binance implement limits on the use of its services by people or businesses situated in Russia with crypto assets worth more than 10,000 euros.

Accounts that come within this limitation will be placed on withdrawal-only status, according to the firm. These accounts will be unable to receive deposits or participate in trading.

All spot and futures contracts, custodial wallets, staked and earned deposits, and other derivatives are also subject to the ban. Individuals and groups restricted from trading futures or derivatives will have 90 days to close their positions.

Accounts for Russian nationals residing outside of Russia that has been verified with proof of address, as well as accounts for Russian nationals, natural persons located in Russia, or legal businesses formed in Russia with a total value of less than 10,000 EUR, will be unaffected.

“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,” the announcement reads.

A few days ago, the Russian Ministry of Finance has filed to the government an amended version of its law “On Digital Currency,” which aims to regulate the country’s crypto market completely.

Qualified investors, or “professional purchasers of digital currency,” as they are currently known, would have unrestricted access to crypto assets, according to the draft. Ordinary Russians, on the other hand, will be limited to purchasing a maximum of 600,000 rubles ($7,000) in bitcoin every year. That is, once they have passed a specific exam.

Those who fail the test will be limited to purchasing tokens with a total worth of no more than 50,000 rubles per year (about $600 at current exchange rates), according to the Interfax news agency, which cited a source familiar with the document.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Hazel

CoinCu News