Binance Holdings, the world’s largest cryptocurrency exchange by trading volume, announced it will limit services in Russia following the European Union’s fifth package of restrictive measures against Russia.
“Accounts that classify under this restriction will be put into withdrawal-only mode. No deposits or trading will be permitted on these accounts. The limit also covers all spot, futures, custody wallets, and staked and earned deposits. In addition, all deposits to accounts for Russian nationals or natural persons residing in Russia, or legal entities established in Russia with over 10,000 EUR will be restricted,” the company said.
The new measure will not affect accounts for Russian nationals residing outside Russia, or those Russians residing in the country that remain below a total value of €10,000.
Russian nationals and legal entities established in Russia with crypto account balances exceeding €10,000 will have 90 days to close their positions.
“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,” Binance said.
Cybersecurity Help statement on the critical situation in Ukraine
On February 24, people in many cities and towns across Ukraine woke up to the sounds of explosions and artillery fire, as the Russian Federation launched a full-scale invasion of the country. Such actions are unacceptable, political ambitions of any man aren’t worth of blood, tears, and destruction of millions of lives. We give our full support to the Ukrainian people in these hard times. No more war! Слава Україні!