Crypto exchange Binance will restrict access for users from Russia

The largest crypto exchange in the world, Binance, has decided to temporarily suspend clients from Russia from participating in trading if the amount of assets in their accounts exceeds 10,000 euros. Accounts of Russians living abroad will work as usual.

The fact that Binance will restrict access to its services to those users who live in Russia and have assets worth more than 10 thousand euros, writes RBC with reference to a message in the support chat. Such clients will temporarily not trade on the site or deposit additional funds into their accounts, but will be able to use the withdrawal function.

The publication explains that the account will also be limited if the amount of funds in the user's account, which is currently less than 10 thousand euros, overcomes this threshold after April 25. The duration of the measure has not been specified. All users with open futures/terms contracts worth over EUR 10,000 have 90 days to close their positions.

If all verification conditions are met, the crypto exchange leaves the possibility of registration for new users whose balance remains below 10 thousand euros.

• The current measures are taken in accordance with the fifth EU sanctions package, Binance stressed. They noted that they do not plan to stop working in Russia yet, but if necessary, they will support new sanctions.
• Accounts of users from Russia with a total value of less than 10 thousand euros, as well as accounts of Russians living outside the country, will remain active.