Binance Removes Limits on Russian Accounts as the Nation Employs Technology to Bypass Sanctions
Since March, Binance is allowing users to pay with Russian bank cards for the first time.
Binance reportedly permits users to purchase cryptocurrencies with Russian bank accounts after limiting its services in the country in response to international sanctions.
This week, the cryptocurrency exchange reintroduced compatibility with Russian bank-issued cards, as reported on BeInCrypto’s Russian-language website.
The assault on Russian accounts on Binance began after international sanctions were imposed in response to the invasion of Ukraine.
The initial step was taken in March when Binance blocked transactions with cards issued by Russian Federation banks. This decision was made after Visa and Mastercard withdrew from the country and ceased supplying network services.
A month later, in response to EU sanctions, Binance deactivated the accounts of a number of its most important customers. Since then, it has been prohibited for Russian users holding cryptocurrencies worth over 10,000 euros to make new deposits or trade. Active users had less than 10,000 euros in cryptocurrency.
However, on April 18 morning, messages surfaced on Russian Telegram channels indicating that Binance had removed the 10,000 euro limit.
According to an investigation by BeInCrypto, it appears that the limit has been technically lifted. When prodded by users, the Binance support staff appeared to corroborate its withdrawal.
In contrast, Binance’s official position has not altered. A representative of the trading platform stated, in response to a question, that “all current restrictions related to sanctions against Russian citizens are fully applied by the platform and its legal entities in the European Union.”