Binance tells Russian users with over €10k to withdraw everything

Binance tells Russian users with over €10k to withdraw everything

Binance has announced some significant changes to its services for Russia-based users, marking the company’s efforts to adapt to the fifth wave of European Union sanctions against Russia.

Earlier this month, the EU passed a new set of restrictions targeting deposits to crypto wallets made by individuals, entities or bodies associated with Russia and Belarus.

Binance is one of the world’s largest cryptocurrency exchange platforms with operations in Europe.

The company’s legal team reviewed the sanctions in recent weeks and decided to give the green light to the measures targeting Russia-based investors.

Russians get 3 months to withdraw

According to the announcement, all Binance accounts of Russian citizens, individuals residing in the country or entities established there with a balance of more than €10,000 can only withdraw funds

The deadline for withdrawing the cryptocurrency from Binance is 90 days, and then the accounts will be closed automatically without the possibility of any interaction with the platform.

“No deposits or trading are allowed on these accounts. The limit also covers all spot, futures, custody wallets and deposits wagered and earned,” – Binance

“In addition, all deposits into accounts of Russian nationals or natural persons residing in Russia, or legal entities established in Russia by more than EUR 10,000 will be limited,” the company said in the announcement.

Russian citizens with less than €10,000 in their balance and residing outside the sanctioned country remain unaffected, provided they have verified their accounts with proof of address.

Creating new accounts, buying or trading cryptocurrencies is prohibited for sanctioned parties.

While these measures may be restrictive for normal Russian citizens, Binance must continue to lead the industry in implementing these sanctions. We believe that all other major exchanges should soon follow the same rules.

Bleeping Computer has reached out to the cryptocurrency exchange company for further clarifications and we will update this post as soon as we have a response.

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