Binance disregards EU sanctions and secretly lifts multiple restrictions on Russian users.

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Binance Crypto Services Restricted Due to EU Sanctions on Russia

In March 2022, cryptocurrency exchange Binance announced that following the EU sanctions on Russia, all Mastercard and Visa financial cards related to Russia will no longer be usable on Binance, including Mastercard and Visa card transactions generated by overseas financial institutions within Russia.

In a new wave of sanctions in April of the same year, the EU specified the prohibition of providing large-scale crypto asset services to Russian users. Binance subsequently announced that users with asset balances exceeding ten thousand euros will be restricted from using the service and only allowed to withdraw, while those below this threshold will not be affected, and all users will be subject to mandatory KYC (Know Your Customer) verification.

Sanctions Remain, Yet Binance Services Resume Normal Operations

However, recently, Russian users have reported via media sources that Binance seems to have quietly removed several of the aforementioned regulations on Russia. Users in Russia are now able to use locally issued Mastercard and Visa cards to deposit funds on Binance in Russian rubles, euros, pounds, and other fiat currencies. However, the EU's official sanctions against Russia remain in place.

Previously, local users had shared screenshots indicating that Binance had lifted the restrictions on Russian accounts with asset values exceeding ten thousand euros. Users can now deposit assets exceeding ten thousand euros and use Binance's services normally.

As of now, there has been no official response from Binance regarding the aforementioned screenshots and any related news. However, Binance's ban on Russians using dollars and euros for P2P transactions remains in effect as of March 2023.

Russian Central Bank Plans to Allow Cryptocurrency Foreign Trade Settlements

While the Russian Central Bank still does not support the domestic use of cryptocurrencies, it is planning to establish special authorized organizations to engage in cryptocurrency mining and settlements related to foreign economic activities. Aleksey Guznov, Deputy Chairman of the Russian Central Bank, stated that the Central Bank is discussing with the government the operational methods of cryptocurrency institutions. The scope and operations of these institutions will be evaluated under an experimental legal regime and will interact with relevant enterprises engaged in international trade.