Binance Restricts Services In Russia Citing EU's Fifth Package Of Sanctions 14

Binance Restricts Services In Russia Citing EU’s Fifth Package Of Sanctions

  • Crypto exchange Binance has curbed its services in Russia
  • The exchange will be putting restrictions on accounts that hold more than EUR 10,000 

Leading cryptocurrency exchange Binance has issued a fresh statement announcing new restrictions for Russian nationals and citizens. 

In an updated blog post, Binance shared additional details adding that the exchange will be limiting its services in Russia due to the EU’s 5th package of sanctions. 

Binance Is Restricting Its Services In Russia

According to the blog post updated Thursday, Binance will be limiting its trading services in Russia. The constraints include restricting the accounts of Russian citizens, nationals, or legal entities residing in Russia if they hold more than 10,000 euros in their accounts. 

Binance later added that the accounts that are holding more than $10,000 EUR will be put into “withdrawal mode” and will not be permitted to make any deposits or trade. 

“The limit also covers all spot, futures, custody wallets, and staked and earned deposits. In addition, all deposits to accounts for Russian nationals or natural persons residing in Russia, or legal entities established in Russia with over 10,000 EUR will be restricted.” The statement later adds. 

The announcement further entails that the accounts of Russian nationals/citizens who are holding funds below the EUR 10,000 limit will however remain unaffected by this change. 

The European Union has recently imposed the fifth package of restrictive measures against Putin’s regime concerning its unprecedented invasion of Ukraine. The package includes comprehensive measures  set to ramp up “economic pressure on the Kremlin and cripple its ability to finance its invasion of Ukraine.” The list of restrictive measures included in the EU’s fifth package of sanctions intends to put financial pressure on Russia by imposing a “full transaction ban and asset freeze on four Russian banks.” Other restrictive measures include a “prohibition on providing high-value crypto-asset services to Russia.”

Binance, which is one of the leading cryptocurrency exchanges in the world had denied calls for a total ban from Ukrainian authorities stating that it would not “unilaterally freeze assets of millions of innocents user’ accounts” but added that it would comply with sanctions imposed against Russia. 

“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.” The statement further added.