Binance has said it will suspend services in Russia
The world’s largest cryptocurrency exchange is deactivating the accounts of its main customers in Russia, it said Thursday, and cut its services in the country in line with European Union sanctions.
Binance told users that Russian citizens and people living in the country, as well as companies based there, who have crypto worth more than 10,000 euros ($10,900) are not allowed to make new deposits or trade.
Affected customers could, however, withdraw funds, it said.
Accounts for Russia-linked users who have completed address checks and have cryptos worth less than $10,000 would remain active, Binance added.
In its fifth package of sanctions against Russia, the EU this month targeted digital wallets used to store, send, receive and spend cryptocurrencies, as part of wider efforts to close potential loopholes that would allow Russians to move money abroad.
Binance, along with major US exchanges Coinbase Global Inc and Kraken, had rejected calls from Kiev for a total ban on Russian users after President Vladimir Putin ordered the invasion of Ukraine, which Moscow calls a “special operation” to protect the country.
Binance said in March that it would not “unilaterally freeze millions of accounts belonging to innocent users”, but that it would ensure that sanctions are complied with.
It also said last month that cardholders of Russian banks subject to sanctions would not be able to use the cards on their platform and confirmed that the access of persons in the same category was restricted.
