Leading crypto-asset trading platform Binance has tightened controls on Russian users following the EU’s latest sanctions package against Russia.
Binance today announced that it has launched a new app for Russian users. According to the application, announced via the blog post, the platform will now limit its services to 10,000 euros (approximately $10,900) for “Russian citizens or natural or resident legal entities residing in Russia”. Users whose crypto assets exceed this limit will need to verify their addresses. These users will also be able to make withdrawals only for now. They will not be able to benefit from deposit and trading services. The blog post on the subject stated:
“The limit also covers all spot, futures, custodian wallets and deposits staked and earned. In addition, all deposits to accounts for Russian citizens or natural persons residing in Russia or legal entities residing in Russia exceeding 10,000 Euros will be restricted.”
Users whose assets exceed the said limit will have 90 days to close their forward and derivative positions.
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