{"id":233510,"date":"2022-04-21T18:30:58","date_gmt":"2022-04-21T17:30:58","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=233510"},"modified":"2022-04-21T15:00:49","modified_gmt":"2022-04-21T14:00:49","slug":"binance-to-restrict-services-to-russia-following-eu-sanctions","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/binance-to-restrict-services-to-russia-following-eu-sanctions\/","title":{"rendered":"Binance to restrict services to Russia following EU sanctions"},"content":{"rendered":"<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/cryptoslate.com\/companies\/binance\/\" target=\"_blank\" rel=\"noopener\">Binance<\/a>, the largest crypto exchange by trading volume, said it will <a href=\"https:\/\/www.binance.com\/en\/support\/announcement\/4887e569afdf4b1e89e024371d3a49b9\">limit services<\/a> to Russian citizens after the EU announced its new sanctions against the country.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Binance said the EU\u2019s fifth package of restrictive measures require it to limit services for Russian nationals or natural persons residing in Russia and legal entities. <\/span><span style=\"font-weight: 400;\">Specifically, these changes target individuals that hold assets exceeding \u20ac10,000($10,885).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to Binance:<\/span><\/p>\n<blockquote><p><strong>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.<\/strong><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">The exchange added that accounts for Russian nationals living outside Russia will be unaffected. However, the exchange will need proof of address to exempt such accounts from the restrictions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> Additionally, Russian citizens and entities that hold crypto assets worth less than $10,885 will remain unaffected.<\/span><\/p>\n<h2><b>Binance continues emphasizing its desire to remain compliant<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Binance further noted:<\/span><\/p>\n<blockquote><p><strong>Russian nationals or natural persons residing in Russia, or legal entities established in Russia, with open Futures\/Derivatives positions, and who have crypto account balances that exceed 10,000 EUR will be given 90 days to close out their positions. No new positions will be allowed to be added.<\/strong><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">The exchange acknowledged that these measures are potentially restrictive to normal Russian citizens. However, Binance said it must continue leading the industry in implementing these sanctions. Binance added that it believes other exchanges will soon follow in its suit.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Previously, Binance CEO Changpeng Zhao <\/span><a href=\"https:\/\/cryptoslate.com\/binance-ceo-says-russia-cannot-use-crypto-to-evade-sanctions\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">said<\/span><\/a><span style=\"font-weight: 400;\"> the exchange would not ban all Russian users from using its platform. At the time, he asserted that freezing the assets of all Russians would be illegal.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, CZ also said the company would make such a move to adhere to sanctions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">He also said crypto is <a href=\"https:\/\/cryptoslate.com\/binance-ceo-says-russia-cannot-use-crypto-to-evade-sanctions\/\">not an effective method<\/a> for Russians to evade western sanctions because the blockchain's transparency makes it easy to trace transactions.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Binance, the largest crypto exchange by trading volume, said it will limit services to Russian citizens after the EU announced its new sanctions against the country. Binance said the EU\u2019s fifth package of restrictive measures require it to limit services for Russian nationals or natural persons residing in Russia and legal entities. Specifically, these changes [&hellip;]<\/p>\n","protected":false},"author":1296,"featured_media":233540,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6849],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Binance to restrict services to Russia following EU sanctions<\/title>\n<meta name=\"description\" content=\"Binance\u2019s latest restrictions target Russian citizens and entities that hold over $10,885 in their crypto wallets.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/binance-to-restrict-services-to-russia-following-eu-sanctions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Binance to restrict services to Russia following EU sanctions\" \/>\n<meta property=\"og:description\" content=\"Binance\u2019s latest restrictions target Russian citizens and entities that hold over $10,885 in their crypto wallets.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/binance-to-restrict-services-to-russia-following-eu-sanctions\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-21T17:30:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-04-21T14:00:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/04\/image_2022-04-21_185336808.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Jinia Shawdagor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jinia Shawdagor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/binance-to-restrict-services-to-russia-following-eu-sanctions\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/binance-to-restrict-services-to-russia-following-eu-sanctions\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/jinia-shawdagor\/#person\",\"name\":\"Jinia Shawdagor\",\"url\":\"https:\/\/cryptoslate.com\/author\/jinia-shawdagor\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/jinia-shawdagor\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/jinia-shawdagor\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/03\/jinia-shawdagor-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/03\/jinia-shawdagor-author-300x300.jpg\",\"caption\":\"Jinia Shawdagor\"},\"jobTitle\":\"Journalist\",\"description\":\"Jinia is a fintech writer based in Stockholm, Sweden. 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