Binance Set to Limit Services in Russia After EU Sanctions

Binance, the world's largest cryptocurrency exchange by trading volume, is set to limit services for Russian nationals following the European Union's latest sanctions against Moscow. In a blog post published today, Binance stated that it will reduce services to Russian persons or entities with crypto assets exceeding the value of €10,000 (around $10,900) following the EU’s fifth package of anti-Russia restrictions. In line with the new restrictions, users must now undergo checks which will be placed in “withdrawal-only mode,” meaning no deposits or trading will be permitted. Meanwhile, Russians living outside the country who can verify their address and those within Russia but with less than €10,000 will remain unaffected by the changes. Furthermore, Russians and other nationals living within the country whose holdings exceed the threshold and who have open futures and derivatives positions will be given 90 days to close them and won't be allowed to open new positions.