Crypto exchange Binance will restrict access to users from Russia

The restrictions will affect all Russian clients of the site whose total value of cryptoassets exceeds€10K. They will only be able to withdraw funds.

Crypto exchange Binance will restrict access to itsservices for those users who live in Russia and have assets worth more than €10,000. Such site clients will only be able to use the withdrawal function, the exchange said.

Accounts of Russian users, amountassets on which more than €10 thousand will be transferred to the "withdrawal only" mode. From now on, such clients of the exchange will not be able to trade on it or deposit additional funds into their accounts.

Binance noted that they do not plan yetstop working in Russia, but will support new sanctions if the international community requires it. The current measures were taken in accordance with the fifth package of EU restrictive measures against Russia, the company stressed.

If at the current moment the amount of funds in the accountuser does not exceed €10 thousand, but in the future it will exceed, the account will also be limited and will switch to the “withdrawal only” mode. Such a client will no longer be able to trade or deposit assets into their account.

Large accounts of Russian citizens and personsliving in Russia will be limited indefinitely, until further notice. All users with futures/terms contracts open and worth more than €10,000 will have 90 days to close their positions.

At the same time, the crypto exchange leaves the possibility of registration for new users whose balance remains below €10,000, subject to the completion of all relevant KYC/AML verification procedures.

Accounts of users from Russia with a total valueless than €10 thousand, as well as the accounts of Russians living outside the country, will remain active, the company stressed. However, residence outside Russia will have to be proven.

"Citizens of Russia residing outsidecountry, you must pass the Proof of Address verification. After that, the account will remain unaffected and active, ”a Binance representative explained to RBC-Crypto.

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