Binance Sanctions for Russian Users

On April 21, Binance released an official announcement stating that it will limit access to its services tousers who live in Russia and have assets with a total value of more than €10 thousand. Such clients will only be able to use the withdrawal function. RBC Crypto writes about the consequences for Russians.

Whose accounts are restricted?

Accounts of users from Russia, on whichthere are assets worth more than €10 thousand, transferred to the “withdrawal only” mode. Now such clients cannot trade on the exchange or deposit additional funds into their accounts.

When do the restrictions take effect?

The sanctions took effect immediately. The information that the restrictions will take effect from April 25 is not true, a Binance representative emphasized in a comment to RBC-Crypto.

Who is not subject to restrictions?

Users from Russia with assets on their accountin the amount of less than €10 thousand, as well as Russian citizens living abroad, are not subject to restrictions. Russian citizens who live outside the country must pass a Proof of Address check, after which the account will remain unaffected and active.

What happens if I transfer funds to a restricted account?

When transferring cryptocurrency to a limited accountthe transfer will go away and reach the account on Binance, trader Dmitry Fomin told RBC-Crypto. But the coins will not be credited to the account. Then there are two possible options:

1. In the history of deposits there will be no mark on enrollment;
2. A mark about the deposit awaiting confirmation will appear, but the cryptocurrency will not be credited to the account.

As soon as the blocking of the user's account is lifted, the funds will be credited to the account, Fomin claims.

Will an account cease to be restricted if the amount of funds on it is reduced below €10,000?

The limit on the user's account is enteredautomatically, a Binance representative told RBC-Crypto. Every time the amount of funds in the account rises above €10,000, the account will be switched to the “withdrawal only” mode. As soon as this value falls below the specified mark, the user will again have access to trading and other functions of the site.

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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