Binance, one of the world’s largest cryptocurrency exchanges, has reportedly lifted the €10,000 limit on Russian accounts that was imposed in April 2022. This development was reported by RBC, a local media outlet, on April 18.
According to the report, the technical support team of Binance confirmed that Russian users can now deposit and trade on the platform beyond €10,000. However, Russian users are still prohibited from peer-to-peer transactions in U.S. dollars and Euros.
Binance’s decision to lift the restrictions comes almost a year after it imposed the limit. At the time, the exchange cited the EU’s fifth package restrictions on Russia as the reason for its decision. Following Binance’s move, other cryptocurrency exchanges like Blockchain.com, Crypto.com, and LocalBitcoins also banned Russians from using their services.
Russia has been heavily sanctioned by the Western world over its invasion of Ukraine. To bypass the sanctions, the Russian Federation has considered using crypto. However, the country’s posture towards crypto remains unclear as President Vladimir Putin signed a law banning local crypto payments.
Judith Faith has been writing about cryptocurrencies and blockchain technology for over five years. She is well versed in the industry and has an extensive network of industry contacts. She is also a frequent contributor to various cryptocurrency publications. With her vast knowledge and experience, she is able to provide insightful and valuable content to her readers. Judith is also an active investor in the cryptocurrency space and has a vested interest in the success of the industry.
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