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Bad News for Russian Users from Binance: Here is the Last Minute Statement!

Cryptocurrency exchange Binance has announced a service change to Russian users following the EU's fifth package of sanctions against Russia.

Bad News for Russian Users from Binance: Here is the Last Minute Statement!

Binance, which is considered the largest cryptocurrency exchange in terms of recorded trading volumes, made a last-minute statement with its official blog post. In this blog post titled “Service Changes to Russian Users,” Binance announced the 10,000 euro restriction for Russian users following the European Union’s fifth package of sanctions.

Bad News for Russian Users from Binance

The United States and the European Union, along with Russia’s war on Ukraine, announced a large number of sanctions packages and brought various economic sanctions against Russia. In this context, these economic sanctions against Russia were arranged to include cryptocurrencies. Binance, which is considered to be the largest cryptocurrency exchange in terms of recorded transaction volumes, also announced that it will implement the said sanctions with the fifth sanctions package of the European Union.

Binance
Binance

Last Minute Description of Binance

In its blog post titled “Service Change to Russian Users,” Binance announced the 10,000 euro restriction for Russian users:

“Following the EU’s fifth package of sanctions, Binance is required to limit services for Russian citizens or natural persons residing in Russia or legal entities established in Russia whose crypto assets exceed EUR 10,000. In this context, all deposits made to accounts exceeding 10,000 Euros for Russian citizens or natural persons residing in Russia or legal entities residing in Russia will be restricted.”

Binance stated that Russian users should make address definitions and stated that accounts under 10,000 euros will remain active. In addition, Binance announced that Russian citizens or natural persons residing in Russia or those residing in Russia with open Futures/Derivatives positions and whose crypto account balance exceeds 10,000 euros will be given 90 days to close their positions and will not be allowed to add new positions. .

Additionally, Binance said that while these measures are potentially restrictive for Russian users, they believe Binance continues to lead the industry in enforcing these sanctions and that all other major exchanges should soon follow suit.

Samuel Hegi

Samuel Hegi , who first became acquainted with blockchain technology in 2014, is highly critical of blockchain technology. Samuel Hegi, a journalism graduate from the University of Brighton Theblockchainnew.com he is the editor-in-chief of the news portal. Blockchain is love.

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