Binance lifts limits for Russians

Binance, the world’s largest cryptocurrency exchange by trading volume, has lifted some of the limits for Russian accounts, RBK business daily reported on Tuesday, citing the company’s technical support service.

According to the outlet, Binance’s tech support has been responding to inquiries from Russian users, saying that there are “no restrictions on the accounts, you can make a deposit without worrying about the limit of funds.” Users have reportedly been allowed to deposit amounts of more than €10,000 ($11,000) and conduct operations with them.

In April 2022, the company placed limitations on Russian accounts that had crypto assets worth over €10,000.

In March, Binance barred Russian-based users from buying and selling US dollars and euros using its P2P (peer-to-peer) platform.

At the time, the company attributed the decision to the Western sanctions on Moscow, saying that transactions in dollars and euros will be unavailable to any individuals residing in Russia regardless of nationality.

The exchange also reportedly banned users based in the EU from making transfers in Russian rubles via the platform. When trying to make a transaction in rubles, the platform prompted users to select a ‘local currency’ for P2P.

Russians turned to P2P services on crypto exchanges after their bank cards were disconnected from SWIFT. According to RBK, the platform’s restrictions for Russians regarding P2P transactions in dollars and euros remain in place.

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