21 Apr Binance Updates its Policy for Russians Amid Latest EU Sanctions
In line with the recently-imposed fifth wave of sanctions from the European Union toward Russia, Binance has made changed to its policy regarding investors from and based in the world’s largest country by landmass.
After Russia launched its “special military operation” against Ukraine, countless Western companies started pulling out from the Putin-led country in line with the sanctions imposed by the United States, the EU, and other nations.
Several cryptocurrency exchanges also followed suit, but some, such as Binance, didn’t, claiming that the digital asset industry is “meant to provide greater financial freedom.”
However, as the EU continued with new waves of sanctions, the fifth one coming earlier this month, the world’s largest crypto exchange had to make some changes.
According to a blog post dated April 21, the company will limit services for “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.” They will need to complete proof-of-address verification.
These accounts will go into a “withdrawal-only” mode, as Binance will halt deposits and trading. The limitations also cover 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 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.”
Binance warned affected users that they will have 90 days to close all their futures/derivatives positions that exceed the 10,000 EUR limit, and they won’t be able to open new ones.
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