Binance Limits Crypto Services in Russia to Comply With EU Sanctions
- Binance is curbing services in Russia to comply with EU sanctions against Moscow, the company said Thursday.
- The world’s largest crypto exchange placed limits on certain accounts that hold crypto assets of 10,000 euros or more.
- The affected accounts will be put into a withdrawal-only mode.
Binance, the world’s largest cryptocurrency exchange, said Thursday it’s curbing services in Russia to comply with the European Union’s sanctions against Moscow for launching a war against Ukraine.
The service limits apply to accounts with crypto assets of 10,000 euros or more ($10,883) that are held by Russian nationals, persons residing in Russia, or legal entities established there, Binance said in a blog post. It said such account holders must complete a proof-of-address verification form.
The affected accounts will be put into a withdrawal-only mode. No deposits or trading will be permitted and the limits cover spot, futures, custody wallets, and staked and earned deposits.
Binance said it put the limits in place following a fifth round of “restrictive measures” against Russia by the European Union. The bloc earlier in April capped Russian payments to EU crypto wallets at 10,000 euros, aiming to prevent wealthier Russians from working around financial sanctions put in place after Russia invaded Ukraine nearly two months ago.
“While these measures are potentially restrictive to normal Russian citizens, Binance must continue to lead the industry in implementing these sanctions,” CEO Changpeng Zhao said in Thursday’s blog post. “We believe all other major exchanges must follow the same rules soon.”
There may be fewer than 50,000 accounts that hold a value of more than 10,000 euros, an unnamed source told Bloomberg.
Zhao told Bloomberg TV in March that it was blocking access to Russian account holders targeted by international sanctions but that it was “unethical” to block all Russians from accessing its exchange.