Binance to Limit Crypto Services in Russia Following New EU Sanctions

Russian Crypto exchange Binance has announced it plans to limit services for Russian nationals following a fresh wave of EU sanctions. This decision comes after A fresh round of EU sanctions included provisions to extend a prohibition on deposits to crypto wallets, impacting the accessibility of digital assets within Russia.

Following the European Union’s (EU) fifth sanctions package against Russia, Binance has begun taking “restrictive measures” against Russian users and entities. These measures are a direct consequence of the EU's efforts to pressure Russia regarding the ongoing situation.

Following the EU’s fifth package of restrictive measures against Russia, Binance is required to limit services for Russian nationals or natural persons residing in Russia, or legal entities. Specifically, Binance will restrict Russian nationals with holdings above 10,000 euros. This means that Binance officially announced Thursday new limitations for Russian nationals or residents of Russia, restricting such persons from trading if they hold over 10,000 euros, or equivalent in other cryptocurrencies. Users falling below this threshold will not be affected by the new restrictions.

Following the EU’s fifth package of restrictive measures, Binance is required to limit services for Russian nationals or natural persons residing in Russia, or legal entities, adhering to the mandated limitations outlined by the European Union. Measures imposed by the European Union’s fifth round of sanctions against Russia mandate that Binance place restrictions on the use of its services by individuals or entities residing in Russia.

Earlier this month, EU officials clarified the scope of the new sanctions, emphasizing the importance of crypto platforms adhering to the restrictions. The move by Binance highlights the increasing pressure on cryptocurrency exchanges to comply with international regulations and sanctions.