Derivatives positions for those who have crypto account balances that exceed the threshold will be given 90 days to close out their positions, Binance said in its post. No new positions will be allowed to be added.
Previously hesitant about imposing restrictions on Russian nationals, Binance CEO Changpeng “CZ” Zhao said in an interview with Bloomberg last month his exchange would resist calls to limit services to “normal people.”
Binance’s move Thursday flies against its prior stance, as well as the position of other well-established exchanges including Kraken and Coinbase, as pressure mounts over ratcheted sanctions.
The EU’s latest round of sanctions includes a prohibition to purchase, import or transfer coal and other solid fossil fuels, a prohibition to provide access to EU ports and further export bans. It also includes a series of targeted economic measures, which includes an extended prohibition on deposits to crypto wallets.
“While these measures are potentially restrictive to normal Russian citizens, Binance must continue to lead the industry in implementing these sanctions,” Binance said in its post. “We believe all other major exchanges must follow the same rules soon.”
Earlier this month, the EU adopted its fifth round of sanctions against Russia over its military aggression against Ukraine. Russia’s invasion, which began Feb. 24, sparked global condemnation from the Western powers and triggered a flurry of economic sanctions aimed at imposing costs on Vladimir Putin’s regime.
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