Following the European Union’s latest wave of sanctions on Russia after it invaded Ukraine, leading global exchange platform Binance is now being forced to limit its services to one of its largest markets as announced in a blog post today.
According to the post, Binance is expected to limit its offerings to Russian citizens or individuals living in the country or organizations established in Russia that own crypto assets valued at over €10,000. This is coming as part of the fifth round of restrictive measures placed on Moscow by the European Union.
Users of Binance that fall in this category are required to complete a proof-of-address procedure. Affected accounts will be confined to withdrawals only as users will not be able to make deposits. In the same vein, trading will be prohibited on the said accounts. The restrictions also affect spots trading, futures, custody wallet as well as staked and earned deposits.
The platform also gave a 90 days window for resident Russian citizens and companies with open futures or derivatives positions and a crypto account balance of over €10000 to close such positions.
However, Russians who reside outside the country with a verified proof of address and users who live in Russia but have assets less than €10,000 are exempted from these new restrictions.
The exchange also affirmed its willingness to take the lead in the industry in implementing these sanctions, as it hopes other major exchanges will follow suit. The platform had earlier in March refused the Ukrainian Vice Prime Minister’s request to freeze Russian crypto accounts adding that it will only do so in compliance with legal sanctions.
Growing Restrictions on Russia
Russia has been the recipient of a number of restrictions from a host of industry giants in the crypto sphere and the fintech space following the Ukrainian invasion. EXMO, a UK-based exchange platform earlier this week exited the Russian market ending its 8 years of service to its clients in the country.
Global payment platforms Mastercard and Visa have also pulled the plug on their operations in the country while Flexpool, an ether mining pool also cut ties with its Russian miners in a bid to dissociate itself from the act of war being perpetrated by Russia.