The European Union (EU) has imposed sanctions on Russia since it invaded Ukraine. Binance, a notable crypto exchange, has announced a ban on service delivery to Russians.
Binance is one of the first cryptocurrency exchanges to implement strategies in response to the EU sanctions imposed on Russia, and it is expected that other platforms will follow suit.
Russian nationals and companies founded in Russia with assets worth more than €10,000 ($10,800) will face service restrictions.
This is in response to the European Union’s fifth round of sanctions against Russia. The fifth set includes European Union restrictions prohibiting countries from providing valuable cryptocurrency services to Russian nationals and companies domiciled in Russia.
Binance made this announcement on its blog.
“Following the EU’s fifth package of restrictive measures against Russia, Binance is required to limit services to 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.”
Users are expected to undergo an address verification process. Restricted users will be able to use only the withdrawal feature. They will be unable to use any other trading features on Binance.
The announcement further stated,
“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.”
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