Binance Complies with New EU Sanctions and Closes Russian Accounts
The world’s largest cryptocurrency exchange by trading volumes, Binance, announced it will halt services in Russia to comply with the European Union’s latest round of restrictions.
In a new company blog post, Binance said it will deactivate Russian accounts with over 10,000 EUR in holdings, following the EU’s expansion of sanctions on the country after its invasion of Ukraine.
“Binance is required to limit services for Russian nationals or natural persons residing in Russia, or legal entities established in Russia, that have crypto assets exceeding the value of 10,000 EUR.
Accounts that classify under this restriction will be put into withdrawal-only mode. No deposits or trading will be permitted on these accounts. The limit also covers all spot, futures, custody wallets, and staked and earned deposits.”
Russian nationals living abroad or keeping accounts valued under 10,000 EUR will not be affected, the exchange confirmed:
“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.”
The affected accounts have 90 days to close out their positions, Binance warned. It also expects other exchanges to impose the same measures:
“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.”
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Source: igaming
