Crypto exchange Binance limits services in Russia after EU sanctions

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A representation of cryptocurrency Binance is seen in this illustration taken August 6, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

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April 21 (Reuters) – Binance, the largest crypto exchange by trading volumes, said on Thursday it is limiting services for Russian nationals that have crypto assets exceeding 10,000 euros ($10,912.00), in light of European Union’s (EU) latest sanctions against Russia.

Earlier this month, EU in its fifth package of sanctions against Moscow, had targeted crypto wallets, banks, currencies and trusts to close potential loopholes that could allow Russians to move money abroad. read more

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.

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The exchange also said accounts affected by EU’s restrictions will be put into a withdrawal-only mode and no deposits or trading will be permitted.

The announcement comes after the company said last month cardholders of sanctioned Russian banks would not be able to use them on their platform and confirmed that sanctioned individuals have had their access restricted. read more

($1 = 0.9164 euros)

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Reporting by Mrinmay Dey and Akriti Sharma in Bengaluru; editing by Uttaresh.V

Our Standards: The Thomson Reuters Trust Principles.

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