The world’s largest cryptocurrency exchange Binance follows the EU in restricting crypto services for Russian nationals and Russian establishments/businesses. The company will limit services for Russia’s residents that have cryptocurrency worth 10,000 EUR or more.

Binance stated that crypto-wallets with a balance exceeding 10,000 EUR will be put into withdrawal mode. Trading and deposits are not allowed. Customers with more than 10,000 EUR will be able to close their Futures/Derivatives accounts within 90 days. Russian nationals that reside outside of Russia won’t be restricted.

In April 2018, the EU increased the ban on deposits to crypto wallets during sanctions against Russia. It is designed to stop Russians from trying to send money overseas.

“While these measures are potentially restrictive to normal Russian citizens, Binance must continue to lead the industry in implementing these sanctions. We believe all other major exchanges must follow the same rules soon,”
The Binance team wrote.

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