The world’s largest cryptocurrency exchange by trading volume Binance is limiting services in Russia following the European Union’s (EU) crypto sanctions. Binance will reduce its offerings for Russian entities and individuals who have crypto assets exceeding the value of 10,000 euros ($10,885).
Accounts that classify under this restriction will be put into the withdrawal-only mode and no trading or deposits will be permitted on these accounts.
Russian nationals and legal entities established in Russia with open Futures/Derivatives positions, as well as with crypto balances exceeding 10,000 euros will have 90 days to close their positions. No new positions will be allowed to be added. The limit also covers all spot, futures, custody wallets, and staked and earned deposits.
Accounts for Russian nationals residing outside Russia, as verified with proof of address, and accounts for those based in Russia, that remain below a total value of 10,000 EUR will remain active and unaffected.
These measures are potentially restrictive to normal Russian citizens but Binance will continue to lead the industry in implementing these sanctions.
Russia is one of Binance’s top five markets globally with around 10 million total accounts, according to sources familiar with the matter.
This month, the European Union (EU) has adopted new sanctions against Russia, including a prohibition on the provision of high-value crypto-asset services. Chief Executive Officer Changpeng Zhao also stated that soon all other major exchanges will follow the same rules.
