Binance commented on the removal of restrictions on accounts of Russians

Binance commented on the removal of restrictions on accounts of Russians

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Author: Robert Strickland (crypto expert)
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Binance commented on the removal of restrictions on accounts of Russians
Binance entities registered in the EU jurisdiction are fully prohibited to provide services to the Russians in the region with few exceptions. But the units of Binance also work outside the EU

Binance commented on a message about the removal of restrictions on accounts of Russians. Earlier, the technical support of the exchange confirmed the absence of the limit of € 10 thousand, which was introduced in the spring of 2022 for users from Russia in connection with sanctions of the European Union (EU).

Binance reported that the legal entities Binance registered in the jurisdiction of the EU, it is completely prohibited to provide services in the EU and the EEA (European Economic Area) to legal entities and citizens of Russia, with the exception of certain categories of persons. Within the EU, these restrictions are fully applied by the platform.

"All current restrictions related to sanctions against Russian citizens are applied by the platform and its legal entities in the EU in full. In accordance with the European Union (EU) sanctions regulations on Russia, Binance entities registered in the EU jurisdiction are prohibited from providing services in the EU and EEA to legal entities established in Russia, as well as to Russian citizens, except for the category of persons who are citizens or residents of the EEA, or Switzerland," Binance said in a statement.

A complete ban on cryptocurrency services for Russians in the EU was introduced in October 2022 in the eighth package of sanctions. The EU banned Russians from owning cryptocurrency wallets in the EU, regardless of the number of funds, thereby tightening the previously established limit of €10,000.

 

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