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21 Apr 2022

Binance Imposes Restrictions on Services in Russia following EU Sanctions

Binance Imposes Restrictions on Services in Russia following EU Sanctions

The Index Today

Binance Holdings Ltd. will reportedly limit its services in Russia in the wake of EU sanctions against the Kremlin for its war against Ukraine.

According to Bloomberg News, the world’s biggest cryptocurrency exchange is set to impose service restrictions on Russian individuals and firms whose crypto assets surpass the value of 10,000 euros ($10,885), as per anonymous reliable sources. They also revealed that those accounts affected by the curbs will be placed in a withdrawal-only state and will not be allowed to make any trades or deposits.

This comes after the EU sanctioned a bar on crypto transactions amounting to greater values amid a series of other penalties it has levied against Russia.

Binance CEO Changpeng Zhao revealed in emails, “While these measures are potentially restrictive to normal Russian citizens, Binance must continue to lead the industry in implementing these sanctions.” He added, “We believe all other major exchanges must follow the same rules soon.”

©Photo: Reuters