Binance cuts services in Russia in line with EU sanctions

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Binance has said it is cutting services in Russia

The world’s largest cryptocurrency exchange is deactivating the accounts of its major customers in Russia, it said on Thursday, withdrawing its services in the country in line with EU sanctions.

Binance told users that Russian citizens and people living in the country, as well as companies based there that hold more than 10,000 euros ($10,900) in cryptocurrency, will be banned from making new deposits or trading.

However, affected customers will be able to withdraw funds, it said.

Binance said that accounts of users linked to Russia, who have completed address checks and hold crypto worth less than 10,000 euros, will remain active.

In its fifth package of sanctions on Russia, the European Union this month targeted digital wallets used to store, send, receive and spend cryptocurrencies, part of a broader effort to plug potential loopholes Which can allow Russians to transfer money abroad.

Binance, along with major US exchanges Coinbase Global Inc and Kraken, rejected calls from Kyiv for a total ban on Russian users after President Vladimir Putin ordered an invasion of Ukraine, which Moscow called demilitarization and “disclaimer”. for a “special campaign”. Country.

Binance said in March that it would not “unilaterally freeze the accounts of millions of innocent users”, but it would ensure compliance with the restrictions.

It also said last month that cardholders of Russian banks subject to sanctions would not be able to use cards on its platform and confirmed that access to the same category of persons was restricted.