Crypto exchange Binance limits services in Russia due to EU sanctions

By Ovunc Kutlu

ANKARA (AA) - Cryptocurrency exchange Binance announced Thursday that it is adopting limitations for its services in Russia due to the EU's sanctions on Moscow.

"Following the EU's fifth package of restrictive measures against Russia, Binance is required to limit services for Russian nationals or natural persons residing in Russia, or legal entities established in Russia, that have crypto assets exceeding the value of €10,000 ($10,875)," it said in a statement.

"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 will be restricted," it added.

The world's largest crypto exchange said it will require Russian nationals and individuals residing in Russia to complete verification for their addresses.

"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," it added.

The company also said accounts for Russian nationals residing outside Russia, as verified with proof of address, and accounts for Russian nationals or natural persons residing in Russia, or legal entities established in Russia, which remain below a total value of €10,000 will remain unaffected and active.