Binance Lifts Restriction on Russian Users

04/18/2023 11:04 • NFT Newsflash • 138 views

According to reports, according to circulating screenshots, Binance has lifted the restriction on Russian users to deposit 10000 euros. Russian users can deposit funds exceeding 10000 euros into their balance and conduct transactions. A representative of Binance stated that all current restrictions related to sanctions against Russian citizens fully apply to the platform and its legal entities in the EU. According to the sanctions rules, Binance entities registered in the European Union are prohibited from providing services to Russian citizens, except for those belonging to the European Economic Area or Swiss citizen/resident categories. Users from Crimea, DPR/LPR are also denied access to the platform. In addition, Binance does not provide services to individuals, organizations, entities, and countries that have been blacklisted by the international community.

Insider: Coin An may lift the 10000 euro limit on Russian accounts

Introduction

Binance, the world’s largest cryptocurrency exchange, has recently lifted the restriction on Russian users to deposit 10000 euros. This move has caused quite the stir in the cryptocurrency community, as it opens up new possibilities for Russian users to conduct transactions on the platform. Here’s what we know so far.

The Lifted Restriction

According to circulating screenshots, Russian users can now deposit funds exceeding 10000 euros into their balance and conduct transactions. This has come as a relief to those Russian users who were previously limited in their use of the platform due to the imposed restriction.

The Sanctions Rule

However, it’s important to note that a representative of Binance stated that all current restrictions related to sanctions against Russian citizens fully apply to the platform and its legal entities in the EU. According to the sanctions rules, Binance entities registered in the European Union are prohibited from providing services to Russian citizens, except for those belonging to the European Economic Area or Swiss citizen/resident categories. Users from Crimea, DPR/LPR are also denied access to the platform.

Blacklisted Countries or Entities

Furthermore, Binance does not provide services to individuals, organizations, entities, and countries that have been blacklisted by the international community. This is in line with the exchange’s commitment to ensuring compliance with regulations and laws in the countries it operates in.

What does this mean for Russian users?

The lifting of the restriction on Russian users to deposit 10000 euros means that they can now conduct transactions on the platform that were previously limited. This opens up new possibilities for Russian users in the cryptocurrency market.

Conclusion

In conclusion, Binance has lifted the restriction on Russian users to deposit 10000 euros, allowing them to conduct transactions on the platform without any limitations. However, it’s important to note that the sanctions rules still apply to Binance entities registered in the European Union, and the exchange does not provide services to blacklisted countries or entities.

FAQs

Q1: Can Russian citizens now access Binance without any limitations?

A: No, Russian citizens are still subject to the sanctions rules, which limits their access to the platform. The lifting of the restriction only allows them to deposit funds exceeding 10000 euros and conduct transactions.

Q2: Are users from Crimea, DPR/LPR still denied access to Binance?

A: Yes, users from Crimea, DPR/LPR are still denied access to Binance due to the sanctions rules.

Q3: Why does Binance not provide services to blacklisted countries or entities?

A: Binance is committed to ensuring compliance with regulations and laws in the countries it operates in, and providing services to blacklisted countries or entities would go against this commitment.

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