JAKARTA - Binance, the world's largest cryptocurrency exchange by volume, has finally adopted restrictions or sanctions imposed on users in Russia. The policy follows the European Union's fifth package of sanctions against Russia.
Binance on Thursday, April 21, officially announced the new rules for Russian citizens or residents of Russia. Binance will limit the trading activity of such people if they have more than 10.000 euros (IDR 154 million).
Such restricted accounts will no longer be able to deposit or trade using Binance's spot, futures, and custodian wallets, as well as staked and earned deposits.
These restrictions apply to Russian citizens, natural persons living in Russia, and legal entities based in Russia.
“Accounts for Russian citizens living outside Russia, as verified with proof of address, and accounts for Russian citizens or natural persons residing in Russia, or legal entities established in Russia, which remain below the total value of 10,000 EUR, will remain unaffected and active.” That's what the new rules say.
Cointelegraph reports, that individuals and entities restricted to open futures or derivatives positions will have 90 days to close their positions.
Binance noted that the newly adopted measures "potentially restrict normal Russian citizens." “Binance must continue to lead the industry in implementing these sanctions. We believe all other major exchanges should soon follow the same rules,” the company added, as quoted by Cointelegraph.
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Binance did not immediately respond to Cointelegraph's request about the new rules.
Binance CEO Changpeng Zhao previously stated that cryptocurrency exchanges like Binance must comply with sanctions in a similar way to traditional financial institutions. CZ also stressed that Binance will not “unilaterally freeze millions of innocent user accounts” because of Western sanctions against Russia.
The European Union formally approved the fifth package of restrictive measures against Russia on April 8, adopting a number of restrictions against the Russian government in response to its actions against Ukraine. The package includes a ban on providing “high-value crypto-asset services to Russia.”
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