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Binance Limits Services for Russian Citizens due to EU Sanctions

Hassan Mehmood

ByHassan Mehmood

May 18, 2022

Binance, the largest cryptocurrency exchange in the world, has extended crypto-related restrictions for Russian users. The exchange was able to gain regulatory clearance in Europe recently. Recently, the EU imposed the 5th round of financial sanctions on Russia, which made the social and commercial boycott of the region more severe than ever before.

In lieu of the new financial restrictions, Binance exchange management has decided to severe cryptocurrency trading options for a greater population of Russian investors and organizations. Binance posted the updates about the latest restrictions recently, citing that around are applicable per wallet that holds greater than 10k euros worth of cryptocurrency products.

Binance has Posted Latest Financial Restrictions for Russian Users

Binance management updated that per the latest EU financial restrictions, the clients of Binance in Russia will only be able to make withdrawals from their digital wallets. The largest cryptocurrency exchange in the world also explained that Russian users could not make new deposits in their digital currency accounts or generate new trade orders.

Meanwhile, the Russian clients of Binance who are outside of the country will be able to keep using their accounts as usual. The commercial enterprises that are associated with Binance of Russian descent with smaller than 10K euro value will also be able to remain operational. The same financial limitations are also applicable to crypto derivatives like deposit yields, staked tokens, futures, and other relevant asset classes.

Any digital wallet with greater than 10k euros will be affected by the latest financial sanctions imposed by Binance management. Binance recently admitted that a considerable number of non-political Russian citizens would also face issues due to these financial restrictions. However, the exchange further added that it needs to set an example and suggests that other major cryptocurrency exchanges should also comply with EU policies.

According to a warning issued by financial analysts at IMF, the oligarchs of Russia can potentially use cryptocurrencies to escape the financial constraints imposed by the Western bloc. EU authorities tightened the financial restrictions on Russian citizens to eliminate the crypto cop-out. There are other cryptocurrency exchanges like Coinbase that have already decided to comply with the restrictive financial policies of the United States.

Hassan Mehmood

Hassan Mehmood

Hassan Mehmood, a valued writer at Big Trends Signals, uses his profound online trading expertise to produce in-depth guides and unbiased reviews, enabling traders to navigate digital marketplaces efficiently.

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