Crypto exchange Binance curbs services in Russia

Binance, the largest cryptocurrency platform over Coinbase and Tycoon; informed customers that Russian nationals and residents, as well as corporations headquartered in the country, will be barred from making new deposits or trading crypto worth more than 10,000 euros ($10,900).

The world's largest cryptocurrency exchange said on Thursday that it is deactivating the accounts of its key clients in Russia, reducing its services in the nation as a result of European Union restrictions.

Binance informed customers that Russian nationals and residents, as well as corporations headquartered in the country, will be barred from making new deposits or trading crypto worth more than 10,000 euros ($10,900). Affected clients would however be able to withdraw funds, it said.

Accounts for Russia-linked users that have completed address checks and hold crypto worth less than 10,000 euros would remain active, Binance added.

The EU targeted digital wallets used to store, send, receive, and spend cryptocurrencies in its fifth package of sanctions against Russia this month, as part of broader attempts to narrow potential loopholes that could allow Russians to shift money overseas.

After President Vladimir Putin authorized the invasion of Ukraine, which Moscow calls a "special operation" to demilitarize and "denazify" the country, Binance, along with major U.S. exchanges Coinbase Global Inc and Kraken, rebuffed calls from Kyiv for a comprehensive ban on Russian users.

In March, Binance stated that it would not "unilaterally suspend millions of innocent users' accounts," but would ensure that sanctions were followed.

Last month, it also revealed that cardholders of Russian banks subject to sanctions would be unable to use their cards on their platform, and that individuals in the same category had their access blocked.