Binance Implements EU Sanctions, Restricts Services in Russia

Binance, the largest cryptocurrency exchange in the world by volume has taken steps toward measures against Russian users. The measures will go in line with the already established European Union’s fifth round of sanctions.

According to the exchange’s official announcement, Binance will restrict services to Russian persons whose digital assets’ value exceeds 10,000 euros, which is equivalent to $10,885.

All the accounts that meet this margin shall henceforth only be able to withdraw funds. They can no longer accept deposits or undergo trades of any kind. The restrictions also include thwarting access to all spot and futures contracts, custodial wallets, staked and earned deposits, and other derivatives.

Russians who live abroad will not be impacted by these sanctionary measures, as well as those residents of the country who own less than 10,000 euros worth of digital assets.

As stated by Binance, while their hearts are heavy with burdening ordinary citizens, they do believe they have to pose as a leading example for other crypto exchanges:

“Binance must continue to lead the industry in implementing these sanctions. We believe all other major exchanges must follow the same rules soon.”

With this move, Binance has helped tone down the fears that Russians would attempt to bypass sanctions through crypto. And even though this still stands as a possibility, it is likely that other exchanges will follow in Binance’s footsteps.