The restrictions Binance had placed on Russian people and residents over a year ago have been gradually being lifted, according to data on trading volume, making it the largest cryptocurrency exchange in the world.
Binance made the announcement that it will not accept deposits from Visa and Mastercard cards issued in Russia, as well as any Visa and Mastercard deposits made from Russia, back in March 2022, in the midst of the European Union’s sanctions against Russia as a result of its attack on Ukraine.
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Binance’s Restrictions Lifted
As was already mentioned, users can now deposit Russian rubles, euros, British pounds, and other currencies from bank cards issued in Russia, indicating that Binance’s restrictions on the country are gradually being eased. Additionally, Russian users asserted that the crypto exchange had eased restrictions on accounts with balances greater than 10,000 euros for Russian customers earlier in April.
The relevant cryptocurrency exchange platform has not, however, confirmed the relaxation of the restriction. However, a spokesman for the platform responded in an email that “all current restrictions related to sanctions against Russian nationals are applied by the platform and its legal entities in the European Union in full.” She did not specifically confirm or reject the relaxation of restrictions.
EU Sanctions Affect the Russian Crypto Industry
In light of the international sanctions related to the invasion of Ukraine, Binance has begun placing restrictions on Russian accounts. Back in March of last year, it was claimed that the cryptocurrency trading platform’s initial action was to restrict transactions using cards issued by banks with offices in the Russian Federation.
Following that, Visa and Mastercard significantly withdrew from the nation and stopped offering network services. After a month, Binance formally decided to delete the accounts of a significant number of its Russian consumers. Since then, individuals with crypto holdings worth more than 10,000 euros in Russia have been prohibited from making fresh deposits or trading, while users with crypto holdings worth less than 10,000 euros have continued to be active.
This difficult period for Russian Binance users apparently came to an end on April 18, the day when messages circulated on Russian Telegram channels indicating that Binance has removed the 10,000 euro cap. Reports demonstrating that the limit has indeed been repealed came after this message.
Furthermore, when questioned by users, the Binance support staff appeared to confirm its withdrawal. In spite of this, Binance’s stated position is unaltered. When questioned, a representative of the trading platform said: “All current restrictions related to sanctions against Russian citizens are fully applied by the platform and its legal entities in the European Union.”