Binance To Limit Services to Russians Following Latest Round of EU Sanctions

Derivatives bets for those who have account balances exceeding the threshold will be given 90 days to close their positions, Binance said

article-image

Binance’s Changpeng Zhao

share

key takeaways

  • A fresh round of EU sanctions included provisions to extend a prohibition on deposits to crypto wallets
  • Binance will restrict Russian nationals with holdings above 10,000 euros ($10,777) to withdrawal-only mode, it said

Binance, one of the world’s largest crypto exchanges by trade volume, said Thursday it will limit services to Russian customers in an attempt to honor the EU’s latest round of sanctions measures.

Russian nationals or natural persons residing in Russia, as well as legal entities established in the country, with crypto exceeding a threshold of 10,000 euros ($10,777) will be put into a withdrawal-only mode, according to a blog post.

Accounts for Russian nationals residing outside Russia — who are able to prove with a verifiable address — as well as those below the crypto threshold, will remain unaffected.

Derivatives positions for those who have crypto account balances that exceed the threshold will be given 90 days to close out their positions, Binance said in its post. No new positions will be allowed to be added.

Previously hesitant about imposing restrictions on Russian nationals, Binance CEO Changpeng “CZ” Zhao said in an interview with Bloomberg last month his exchange would resist calls to limit services to “normal people.”

Binance’s move Thursday flies against its prior stance, as well as the position of other well-established exchanges including Kraken and Coinbase, as pressure mounts over ratcheted sanctions.

The EU’s latest round of sanctions includes a prohibition to purchase, import or transfer coal and other solid fossil fuels, a prohibition to provide access to EU ports and further export bans. It also includes a series of targeted economic measures, which includes an extended prohibition on deposits to crypto wallets.

“While these measures are potentially restrictive to normal Russian citizens, Binance must continue to lead the industry in implementing these sanctions,” Binance said in its post. “We believe all other major exchanges must follow the same rules soon.”

Earlier this month, the EU adopted its fifth round of sanctions against Russia over its military aggression against Ukraine. Russia’s invasion, which began Feb. 24, sparked global condemnation from the Western powers and triggered a flurry of economic sanctions aimed at imposing costs on Vladimir Putin’s regime.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Top Icon.png

Research

Osmosis thrived in H2 2023 on the back of increased DeFi activity deriving from recently launched Cosmos-related projects and better market conditions. With new value accrual mechanisms for the native token, Osmosis is well-positioned to continue its strong performance in 2024.

/

article-image

Even with the dip, bitcoin remains up more than 7% this week and 44% over the month, an increase analysts attribute to a combination of tailwinds

article-image

Bitcoin is putting up some of its best numbers in years as it inches closer to retesting record highs

article-image

Coinbase users took to X to air concerns about their accounts showing zero funds

article-image

The iShares Bitcoin Trust shattered its daily trade volume record hours before market close Wednesday

article-image

The mining segment has healthy buyers likely to be “very inquisitive and active” around the halving, crypto advisory firm partner says

article-image

In reality, many of the oft-touted uses for bringing blockchain and AI together aren’t actually all that useful