Binance Limits Crypto Services In Russia: What You Need To Know

Major crypto exchange Binance said it will now limit services for Russian nationals and persons residing in Russia.

What Happened: In an announcement on Thursday, Binance said all Russians or legal entities established in Russia with crypto assets exceeding $10,885 would be subject to new restrictions on their accounts.

Users that have open positions will be given 90 days to close out their trades and withdraw assets.

The curbs on these accounts follow the European Union’s fifth package of restrictive measures against Russia.

See Also: Russia Could Mine Bitcoin To Evade Sanctions, International Monetary Fund Warns

“Accounts that classify under this restriction will be put into withdrawal-only mode. No deposits or trading will be permitted on these accounts. The limit also covers all spot, futures, custody wallets, and staked and earned deposits,” said Binance.

Russian nationals residing outside the country will not be subject to the same restrictive measures provided they complete a proof-of-address verification with the crypto exchange.

“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,” said Binance.

At the time of writing, there had been no announcements from any other leading crypto exchanges like Coinbase Global Inc COIN or Kraken on the matter.

Price Action: According to data from Benzinga Pro, the leading digital asset Bitcoin BTC/USD was trading at $41,550, up 0.54% over the last 24 hours.

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