Binance Limits Russia Services After EU Sanctions on Crypto

In light of the European Union's (EU) new sanctions against Russia, Binance, the largest crypto exchange by trading volumes over the likes of Coinbase and Tycoon, announced on Thursday that it is banning services for Russian individuals with crypto holdings over 10,000 euros ($10,912.00).

The EU targeted crypto wallets, banks, currencies, and trusts in its fifth package of sanctions on Moscow earlier this month to shut potential loopholes that could allow Russians to shift money overseas.

Russian nationals or legal entities in Russia who have crypto account balances that exceed 10,000 euros will be given 90 days to close their positions, Binance said.

Accounts affected by EU limitations will be put into withdrawal-only mode, with no deposits or trading allowed, according to the exchange.

The announcement comes after the company announced last month that sanctioned Russian bank cardholders would not be allowed to use their cards on their platform, and that sanctioned individuals' access had been curtailed.