How can users in Russia withdraw funds from Binance?

• You may need to issue a new bank card to continue working.
• P2P trading can takemore time.
• Let's test the Binance P2P platform.

What happened?

Against the backdrop of the escalating political conflict betweenIn Russia and Ukraine, members of the crypto community from the Russian Federation faced sanctions from various companies, including representatives of the crypto industry. As a result, Russians lost access to a number of tools.

The restrictions affected users of the largestcrypto exchange Binance. On March 8, 2022, representatives of the trading platform warned clients that from March 10, 2022, direct fiat channels of the crypto exchange will no longer support Mastercard and Visa cards issued in Russia.

Binance explained the decision by saying that bothpayment systems have limited their work in the Russian Federation. Since March 10, 2022, Russians have lost the opportunity to pay with Mastercard and Visa cards issued in the country abroad and on the platforms of foreign stores.

Due to the imposition of restrictions, Binance users can no longer:

• Buy cryptocurrency with Russian-issued Mastercard and Visa cards.
• Withdraw rubles from Binance to cards of payment systems issued in the Russian Federation.

At the same time, the Binance team addressed users with a statement that they are not going to freeze the accounts of Russians.

“To unilaterally ban people from accessing their cryptocurrencies would be contrary to the very purpose of the existence of cryptocurrencies,” —noted on Binance.

Representatives of the crypto exchange drew attention to the fact that they froze only the accounts of individuals and legal entities that were under sanctions.

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How to work on Binance now?

Despite the restrictions, exchange users from Russia can still withdraw money to bank cards issued in the Russian Federation, but there are nuances:

• To sell and buy cryptocurrencies, Russians will have to use the Binance P2P service.
• For transactions through the P2P service of the crypto exchange, you cannot use cards of banks that have fallen under sanctions.

Several financial organizations of the Russian Federation fell under the restrictions: VTB, Sovcombank, Novikombank, Otkritie, Promsvyazbank and Sberbank.

The most stringent restrictions were imposed against VTB,Sovcombank, Novikombank, Otkritie and Promsvyazbank. The designated financial institutions were included in the SDN list, which means that American citizens and legal entities will not be able to continue economic relations with them.

Sberbank also fell under the sanctions.The organization was on the CAPTA list, which means that American counterparties will be able to maintain economic relations with the company. At the same time, US banks will be forced to block correspondent accounts of Sberbank on March 26. The move is intended to restrict the financial institution's access to transactions in dollars.

It is possible that in the future the rules of work for Russians on Binance may be adjusted. Here's what company representatives write about this:

"If the international community expands sanctions, we will apply them."

Testing transfers through the Binance P2P platform: a step-by-step guide

Let's take a look at how to operateBinance P2P platform on the example of selling BUSD stablecoins through a mobile application of a crypto exchange with receipt of payment in rubles to a Tinkoff Bank card. Here are the steps you need to take:

1. Go to https://binance.com and go to the spot wallet.

2. Click on the “transfer” button to display the cryptocurrency that needs to be sold in the “replenishment” section.

3. In the “replenishment” section, select the cryptocurrency and amount to transfer. Click on the “confirm” button.

4. Go to the “replenishment” section and check if the cryptocurrency is there.

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5. Click on the P2P button in the “replenishment” section. We select the cryptocurrency we want to sell and the payment acceptance option. In our case, a MasterCard bank card issued by Tinkoff Bank.

6. We look through the sellers’ offers and select the appropriate option. Pay attention to the limits. As a rule, the more cryptocurrency a user wants to sell, the more profitable the rate will be.

7. After you have found a suitable option, click on it and select the parameters. In our case, we sell BUSD for rubles.

8. Binance then transmits the BUSD purchase request to the buyer. He has 15 minutes to respond to the proposal. If the buyer agrees to purchase coins, the system will give you a signal.

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If you have a mobile bank connected, the systemwill send a notification about the receipt of money. Binance will also ask for confirmation. If the money has arrived, click "payment received". After that, the transaction will be closed.

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What should you pay attention to?

• There may not be a suitable offer on the Binance P2P platform.
• Operations through the Binance P2P platform, due to the possible long wait for the actions of the second party, may be delayed.
• The Binance P2P platform does not support all cryptocurrencies. To carry out the operation, it may be necessary to first convert the coins into those accepted by the second party.

To summarize

Despite sanctions, Russians can stillcarry out the usual operations on the popular Binance crypto exchange. At the same time, clients of sanctioned banks will have to issue plastic to another credit institution.

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