Cryptocurrency exchange Binance has introduced new restrictions for Russian users in accordance with the latest European sanctions. The platform has restricted access to peer-to-peer (P2P) trading in USD and EUR to traders based in the Russian Federation.
Binance bans USD and Euro trading for Russians on its P2P market
Binance, the world’s largest crypto exchange, has imposed restrictions on P2P trading in US dollars and euros for Russian traders. They are being introduced in compliance with theEU’s 10th round of sanctions against Russiaannounced on the first anniversary of the war in Ukraine in late February, its representatives explained in comments to Russian-language crypto media.
The measures will prevent Russian citizens and foreigners residing in the Russian Federation from buying and selling US and Eurozone fiat currency through Binance’s P2P service. At the same time, citizens of EU countries will no longer be able to trade in Russian rubles.
To continue using Binance P2P, affected customers can choose other available fiat currencies, a spokesperson suggested, quoted by Forklog and RBC Crypto. When attempting to initiate a transaction in dollars or euros, the platform will prompt the user to choose a local currency according to Binance rules for the country specified during account validation.
Russian crypto enthusiasts turned to peer-to-peer crypto transactions after major payment processors Visa and Mastercard ceased operations in Russia in March 2022 and Western governments placed restrictions on SWIFT transfers following Moscow’s invasion of Ukraine on February 24.
Last April, Binance restricted access to its services to Russia-related users with assets exceeding €10,000, in accordance with a previous sanctions package adopted by the EU. Earlier that month, EU member states agreed to ban the provision of “high value” crypto asset services to Russian companies and citizens.
The new restrictions for Russians do not apply to the purchase and sale of crypto assets in Russian rubles or other digital currencies, including stablecoins pegged to the dollar or euro. Those who prefer to use Fiat will have to switch to other Fiat currencies or use the services of other exchanges.
As the conflict continues, cryptocurrency exchanges are also helping both Russians and Ukrainians circumvent currency restrictions imposed by their own governments. Last week, Binance and Ukraine-based exchange Kuna announced a temporary suspension of bank card payments in Hryvnia, Ukraine.
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