Leading Crypto Exchange Binance Shuts Down Russian Accounts in Compliance With New EU Sanctions

Leading Crypto Exchange Binance Shuts Down Russian Accounts in Compliance With New EU Sanctions

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Crypto exchange giant Binance says it will halt services in Russia to comply with the latest round of restrictive measures imposed on the embattled nation by the European Union (EU).

According to a new company blog post, the world’s largest crypto exchange platform will deactivate Russian accounts worth over $10,000 euros (EUR) after the EU placed a fifth package of sanctions on the country for invading Ukraine in a territorial dispute.

“Binance is required to limit services for Russian nationals or natural persons residing in Russia, or legal entities established in Russia, that have crypto assets exceeding the value of 10,000 EUR…

Accounts that classify under this restriction will be put into withdrawal-only mode. No deposits or trading will be permitted on these accounts. The limit also covers all spot, futures, custody wallets, and staked and earned deposits.”

However, Binance notes that Russian nationals living outside of Russia and Russian accounts valued under $10,000 EUR can still remain active.

“Accounts for Russian nationals residing outside Russia, as verified with proof of address, and accounts for Russian nationals or natural persons residing in Russia, or legal entities established in Russia, that remain below a total value of 10,000 EUR, will remain unaffected and active.”

Accounts that fall under sanctions have 90 days to close out their positions, according to Binance.

Binance says they expect other major crypto exchange platforms to follow suit and implement the sanctions as well.

“While these measures are potentially restrictive to normal Russian citizens, Binance must continue to lead the industry in implementing these sanctions. We believe all other major exchanges must follow the same rules soon.”

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