The world’s largest cryptocurrency exchange Binance follows the EU in restricting crypto services for Russian nationals and Russian establishments/businesses. The company will limit services for Russia’s residents that have cryptocurrency worth 10,000 EUR or more.
Crypto-wallets that exceed the amount will be placed into a withdrawal-only mode, with no deposits or trading permitted, Binance reported. Users with over 10,000 EUR in their accounts and open Futures/Derivatives positions will have 90 days to terminate them. Russian nationals that reside outside of Russia won’t be restricted.
Earlier in April, the EU extended the ban of crypto wallet deposits during the sanctions on Russia. The prohibition aims to limit Russians trying to move money overseas.
“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,” Binance team wrote.
On The Flipside
- Russia could use crypto mining to evade sanctions.