Crypto market Binance must refuse Russians with more than 10,000 euros due to new EU sanctions
Russians with a portfolio value of more than 10,000 euros are given three months (90 days) to close their positions on Binance. This has to do with the new sanctions from the EU against Russia.
The war has now been going on for almost two months, and the EU sanctions against Russia will therefore continue. With a new package of sanctions, Binance says it has no other choice to deny certain Russians – and people residing in Russia – the services of the market.
“As a result of the EU’s fifth package of restrictive measures against Russia, Binance is obliged to restrict services to Russian citizens or natural persons residing in Russia, or legal entities domiciled in Russia, who have crypto assets of the value of 10,000 EUR,” Binance said on their website.
Investors who fall under these new regulations (with a portfolio of more than 10,000 euros) will therefore only be able to make withdrawals. Deposits or trading will be suspended by the crypto market. Binance says the limit also applies to all spot, futures, custody portfolios, and staked and earned deposits.
In addition, Russians with more than 10,000 euros (£8.300) are restricted from making deposits to their accounts. Russians living outside Russia, with a total value of less than 10,000 euros, will not notice much of the measures. They can just use Binance as they are used to, because they are not covered by the measures.
“Other major stock exchanges must follow the same rules”
Binance expects other major exchanges to do the same. Crypto fanatics in Russia can find it very difficult to trade in central markets this way. “While these measures may be restrictive for normal Russian citizens, Binance must continue to lead the industry in implementing these sanctions. We believe that all other major exchanges should soon follow the same rules,” Binance said.