The Binance cryptocurrency exchange has introduced new restrictions for Russian users, in line with the latest European sanctions. The platform is restricting access to peer-to-peer (P2P) transactions in US dollars and euros for merchants based in the Russian Federation.
Binance bans US dollar and euro transactions for Russians on its P2P marketplace
The world’s largest cryptocurrency exchange Binance is imposing restrictions on P2P transactions in US dollars and euros for Russian traders. They have been introduced in compliance with the 10th round of EU sanctions on Russia. Announced on the first anniversary of the Ukrainian war in late February, their representatives explained in comments to Russian-language crypto media.
The measures mean that Russian citizens, as well as foreigners residing in the Russian Federation, will no longer be able to buy and sell US and Eurozone fiat currencies through Binance’s P2P service. At the same time, citizens of EU countries will not be able to carry out transactions in Russian rubles.
To continue using Binance P2P, affected customers can choose other available fiat currencies, a spokesperson suggested, quoted by Forklog and RBC Crypto. When attempting to initiate transactions in dollars or euros, the platform asks users to select a local currency, according to Binance’s rules for the country specified during account verification.
Russian cryptocurrency enthusiasts turned to peer-to-peer cryptocurrency trading when major payment processors Visa and Mastercard suspended operations in Russia in March 2022 and Western governments placed restrictions on SWIFT transfers following the invasion of Ukraine. by Moscow on February 24.
In April last year, Binance limited access to its services to Russia-linked users with assets greater than €10,000, according to a previous package of sanctions adopted by the European Union. Earlier that month, EU member states agreed to ban the provision of “high-value” crypto asset services to Russian companies and citizens.
The new restrictions for Russians do not apply to buying and selling crypto assets with Russian rubles and other digital currencies, including dollar- and euro-pegged stablecoins. Those who prefer to use fiat money will have to switch to other fiat currencies or use the services of other exchanges.
Amid an ongoing conflict, cryptocurrency exchanges have been helping both the Russians and the Ukrainians to circumvent currency restrictions imposed by their own governments as well. Last week, Ukraine-based Binance and Kuna announced temporary suspensions of bank card payments in Ukrainian hryvnia.
Do you expect other cryptocurrency exchanges besides Binance to introduce similar restrictions for their Russian users? Tell us in the comment section below.
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