Binance started deactivating traders’ accounts from Russia in light of the European sanctions on the country. The major clients from Russia will no longer be able to use certain services.
The biggest Cryptocurrency exchange in the world Binance will curb its services in Russia. Companies and Individuals residing within Russian borders and holding crypto worth more than 10,000 euros will no longer be able to deposit or trade using Binance.
European Union continues to impose sanctions on Russia after the country invaded neighboring Ukraine in the last week of February. In the fifth package of sanctions, the EU is trying to curb Russian Users’ ability to store, receive, and spend cryptocurrencies.
Also Read: Bitcoin to be Treated as Currency in Russia
Kyiv called for a total ban on crypto services in Russia. However, major crypto exchanges like Coinbase, Binance, and Kraken desisted from totally banning the users residing in Russia,
Binance said that it will ensure compliance with EU sanctions. Nonetheless, it wouldn’t “unilaterally freeze millions of innocent users’ accounts.”
The ability to purchase crypto on the Binance trading platform has also been restricted for Russian users. Those holding cards from sanctioned Banks will no longer be able to use the same for buying crypto.
The sanctions are an attempt to Isolate Russia and punish it for invading Ukraine.