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Russians and Russian-based clients will have certain limitations when holding more than 10,000 EUR in their accounts.
Source: Binance
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In line with a fresh wave of sanctions from the EU toward Russia, Binance has adjusted its policy relating to investors from and based in Russia.
After Russia launched its special military operation against Ukraine, several Western companies began pulling out from Russia in compliance with the sanctions imposed by the US, the EU, and other nations.
Several crypto exchanges also followed the path, but some like Binance did not like that the digital asset industry is meant to offer greater financial freedom.
Meanwhile, as the EU continued with fresh waves of sanctions, the fifth upcoming sanction earlier this month, the world’s largest crypto exchange had adopted some changes.
The company will restrict services for Russian nationals or natural persons residing in Russia or legal entities in Russia with crypto assets of more than 10,000 EUR. These accounts will now run on “withdrawal-only” mode as Binance will stop deposits and trading.
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