Binance introduces restrictions for Russia – no more than 10,000 euros

The largest crypto exchange Binance today announced changes in the rules for the provision of services for clients fromRF. They affect users whose accounts contain assets worth more than 10,000 euros, and are associated with the next round of EU sanctions.

“Binance is required to impose a restriction on the provision of services for citizens of Russia and individuals residing in Russia, or legal entities registered in Russia”, The statement said.

If the client's balance exceeds the specified amount,only the withdrawal function will be available to him. The restrictions apply to all spot, futures, and deposit wallets, as well as assets in Binance Staking, Binance Earn, and deposits. In addition, such users must close futures positions within 90 days and are prohibited from opening new positions.

Citizens of the Russian Federation residing abroadwho have not been subject to personal sanctions can provide proof of their current address and thus avoid restrictions. Binance also promises not to take action against verified Russian users with assets of less than 10,000 euros.

“Despite the fact that these measures are potentiallylimit the ability of ordinary citizens of the Russian Federation, Binance seeks to set an example for industry participants in the field of following sanctions. We believe that all other major exchanges should establish the same rules soon.”

On April 8, the EU announced a new package of sanctions, inamong other things, affecting the cryptocurrency wallets of citizens of the Russian Federation. According to the official position, the limit of 10,000 euros will allow Russians to avoid circumventing restrictions on money transfers using cryptocurrencies. On February 25, the EU imposed restrictions on banks accepting deposits of more than 100,000 euros from clients from the Russian Federation, however, a lower limit was chosen for digital assets.

According to Bloomberg, Russia is in the top fivelargest markets for Binance with over 10 million registered users. Fewer than 50,000 of them have assets exceeding 10,000 euros, the source said.

Binance CEO Changpeng Zhao previously stated that his company is in full compliance with the requirements of the sanctions, while expressing the opinion that it would be “unethical” to block all users from the Russian Federation.

“Binance is very strict about sanctions requirements. Persons on the sanctions lists will not be able to use our platform, the rest are welcome.”, he said.

Where is it more profitable to buy cryptocurrency? TOP-5 exchanges

For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposits and withdrawals of funds inrubles, hryvnias, dollars and euros.

The reliability of the site is primarily determinedtrading volume and number of users. By all key metrics, the largest crypto exchange in the world is Binance. The platform supports transfers in rubles from bank cardsVisa / MasterCardand payment systemsQIWI, Advcash, Payeer.

Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?

Rating of cryptocurrency exchanges:

#	Exchange:	Website:	Rating:
1	Binance (Editor's Choice)	https://binance.com	9.7
2	Huobi	https://huobi.com	7.4
3	AAX	https://aax.com	7.2
4	Exmo	https://exmo.me	6.9
5	Bybit	https://bybit.com	6.3

The criteria by which the rating is set in our rating of crypto-exchanges:

• Work reliability— stability of access to all functions of the platform, including uninterrupted trading, deposits and withdrawals of funds, as well as the duration of the market and daily trading volume.
• Commissions– the amount of commission for trading operations within the platform and withdrawal of assets.
• Additional features and services— futures, options, staking, NFT marketplace.
• Feedback and support– we analyze user reviews and the quality of technical support.
• Convenience of the interface– we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
• final grade– the average number of points for all indicators determines the place in the ranking.

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