Binance reportedly lifts €10,000 limit on Russian accounts Binance reportedly lifts €10,000 limit on Russian accounts
RBC reported that Binance Russian users are still restricted from peer-to-peer transactions in U.S. dollars and Euros.
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Updated: Apr. 18, 2023 at 2:24 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binance reportedly lifted the €10,000 limit it placed on Russian accounts in 2022, local media outlet RBC reported on April 18.
According to the report, the technical support team of the crypto exchange confirmed to a correspondent of the media outlet that the firm had lifted its restrictions.
RBC reported that the technical support team wrote that Russian users could now deposit beyond €10,000 on the platform and use them for trading.
Meanwhile, Binance Russian users are still restricted from peer-to-peer transactions in U.S. dollars and Euros. RBC added that this restriction is a blanket ban for all residents of Russia.
Binance was yet to respond to CryptoSlate’s request for comment as of press time.
In April 2022, Binance imposed strict sanctions on Russians with assets exceeding €10,000 on its platform. At the time, the exchange cited the EU’s fifth package restrictions on Russia for its decision.
After Binance, other crypto exchanges like Blockchain.com, Crypto.com, and LocalBitcoins also banned Russians from using their services.
Russia is still heavily sanctioned by the Western world over its invasion of Ukraine. Due to this, the Russian Federation has considered using crypto to bypass the sanctions.
However, the country’s posture towards crypto remains unclear as President Vladimir Putin signed a law banning local crypto payments.
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Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.