[NEWS] Binance to lift account restrictions for Russian users

It has been revealed that major cryptocurrency exchange Binance has lifted restrictions on Russian users.

This was reported by Russian cryptocurrency media ForkLog on the 24th.

Following Russia's invasion of Ukraine, Binance restricted deposits from Russian-issued Mastercards and Visas since March last year. However, it is now possible to deposit legal tender such as Russian rubles, euros, and British pounds.

In addition, Binance suspended deposits and cryptocurrency transfers from Russian users who held more than 10,000 euros (approximately 1.47 million yen) in cryptocurrency and legal tender in April last year.

This was a measure taken in response to additional sanctions imposed on Russia by the EU (European Union). However, there are reports that users with assets of less than 10,000 euros were still able to trade.

It appears that Binance has now lifted this restriction as well.

A Binance representative told ForkLog, "In accordance with sanctions regulations, Binance entities registered in the EU are prohibited from providing services to Russian nationals, except for citizens and residents of the EEA (European Economic Area) or Switzerland. Customers of pro-Russian armed groups in Crimea and eastern Ukraine, the DPR/LPR, are also not allowed to access the platform."

The company added that it "will not provide services to persons, organizations, entities, or countries blacklisted by the international community."

This shows that Binance does not provide various services to Russian users.

According to an investigation by Russian cryptocurrency media BeInCrypto, QIWI, which provides payment services in the country, is between Binance and Russian users.

Therefore, it appears that withdrawals of Russian rubles are also carried out through QIWI.

References: ForkLog, BeInCrypto
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