Binance restricts deposits from Russian users

Cryptocurrency exchange Binance has started to take “restrictive measures” limiting crypto services to Russian users.

It follows the European Union’s (EU) fifth and most recent sanctions package against the country.

Any Russian users with an amount of cryptocurrency higher than €10,000 ($10,900) will have restricted services to their Binance accounts. Additionally, to comply with Binance’s new rules, clarification of home addresses is now needed.

Binance said any account with a value over the aforementioned amount “will be put into withdraw-only mode”.

Such accounts will be unable to deposit funds with the expectation of closing the account within 90 days. The remaining accounts with less than €10,000 “will remain unaffected and active”.

On the April 8, the revised sanctions package was revealed by the EU, it included any ties to the country by use of crypto wallets with an aim to close “potential loopholes”.

There has been ample conversation within the global community concerning censorship-resistant cryptocurrencies in an overarching attempt to eliminate Russia’s access to the worldwide financial network.

Recently, the US government imposed sanctions on its first-ever crypto mining company, bitcoin (BTC) mining firm BitRiver.

A statement by the institution said: “By operating vast server farms that sell virtual currency mining capacity internationally, these companies help Russia monetize its natural resources.”

It is said that Ireland is soon to follow suit as it prepares to ban BTC donations over fears of Russian election interference.

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Updated: 04/22/2022 — 10:00