Binance Introduces Restrictions for Russian Users

Crypto exchange Binance has announced restrictions for the accounts of residents of Russia whose total value of crypto assets exceeds €10,000. Now, they will only be able to withdraw funds.

The company does not plan to stop providing services in Russia yet. However, Binance has noted that they are monitoring the political situation and in the event of an expansion of international sanctions against the country, they will also be applied.

The measures follow the adoption of the fifth package of EU restrictive measures against Russia.

The exchange will provide 90 days for sanctioned users to close futures positions. The restrictions do not apply to Russian citizens living outside its borders.

In March, Binance CEO Changpeng Zhao said the platform does not intend to block the accounts of Russians outside the sanctions lists.