The Binance exchange has declared that it would now ban Russian user accounts as the European Union initiates the fifth wave of financial sanctions against Russia. Those with more than 10,000 euros in their accounts will no longer be able to deposit or transact.
The European Union has now imposed a fifth wave of financial sanctions against Russia in the context of the Russian-Ukrainian conflict. Binance, the world’s largest cryptocurrency exchange, has announced the implementation of considerable restrictions for Russian users in order to comply with regulations.
Binance’s restrictions apply to accounts with a balance of more than 10,000 euros on the platform. They will be unable to make deposits or transactions in their wallets in this circumstance. This applies to spot services, futures, staking, and income.
Binance primarily targets Russian residents, natural persons residing in Russia, and legal businesses incorporated in Russia. Users that spend less than 10,000 euros are unaffected, according to the official press release:
“Accounts of Russian nationals residing outside Russia verified with proof of address, and accounts of Russian nationals or natural persons residing in Russia, or legal persons established in Russia, the total value of which remains below EUR 10,000, will not be affected and will remain active”.
Persons and businesses who are subject to these restrictions and hold open futures contracts positions will have 90 days to close them. Binance, on the other hand, appears to be cognizant of the implications of such a decision, stating that the newly enacted restrictions will be “possibly limiting for ordinary Russian citizens.”