Binance suspends services to Russians with assets worth more than €10 000 – Bits Media

Cryptocurrency exchange Binance announced new rules for servicing residents of Russia. Users with assets, more than €10 000, will not be able to trade on the exchange - they will only be able to withdraw funds.

A statement on the Binance website emphasizes, that the restrictions are related to fifth package of sanctions from the European Union against Russia. In this case, only accounts are subject to restrictions, the amount of assets exceeding €10 000. They will not be able to make transactions and make deposits on the exchange, however, they will have access to the withdrawal function. It's like personal accounts., as well as corporate accounts.

"Accounts of Russians, living outside Russia (verified with proof of address), and accounts of Russian citizens or persons, living in Russia (also verified with proof of address provided), the total amount of which does not exceed 10 000 euro, will remain intact and active", - the notice says.

Users are noted separately in the statement, subject to restrictions, who have open positions in cryptocurrency futures or derivatives. They are given 90 days to close your positions, however, they will not be able to make new transactions.

"Despite, that these measures potentially limit ordinary Russian citizens, important to consider, that Binance takes the lead in implementing all sanctions. We count, that other major cryptocurrency exchanges will follow these rules.", - the ad says.

Previously Binance CEO Changpeng Zhao (Changpeng Zhao) He said, that the site does not intend to unilaterally block users from Russia. Looks like, that the fifth package of EU sanctions, presented 9 april, forced the site to reconsider its plans.

Exchanges Bitget and Exmo do not plan to limit accounts of Russian users

At the same time, the Singaporean cryptocurrency exchange Bitget said, that it will not revise its policy towards its clients from Russia. Bitget is not going to introduce any restrictions for Russian users. Their accounts will be protected within the framework of the global policy of the Singapore exchange.

Bitget is not going to follow the example of many foreign exchanges, Including Binance, Coinbase and other cryptocurrency services, since this contradicts the entire concept of the cryptocurrency industry. Bitget exchange plans to expand the list of services for Russians, including the launch of a P2P exchanger, as well as other functions, which will allow users to gain even more financial freedom.

Also, the local Exmo exchange platform will remain available to Russians, designed specifically for users from Russia, Belarus and Kazakhstan, and therefore independent of Western regulators. On the sale of the Russian division of Exmo to its management represented by the Kazakh company EXMO RBC TOO (EXMO RBK Ltd) became known on Monday, although the transaction itself was carried out 31 Martha. Branding, Exmo trading platform and technical developments will be used on the local exchange.