Following the current round of European Union sanctions on Moscow, Binance Holdings Ltd. plans to curtail services for Russian individuals.
Russian individuals or legal companies holding bitcoin assets worth more than 10,000 euros ($10,885) will have their services shut off by the world’s largest cryptocurrency exchange by trading volume.
Binance Leads the Industry in Enforcement of Sanctions
The EU had already authorized a prohibition on higher-value cryptocurrency transactions with Russia as part of the wide-ranging sanctions imposed in response to the war in Ukraine.
“While these restrictions may be burdensome for individual Russian nationals, Binance must continue to lead the industry in enforcing them.” “We expect that other large exchanges will adopt these restrictions in the near future,” said Changpeng Zhao, the crypto exchange’s CEO.
Accounts subject to the limitations will be restricted to withdrawals only, with no deposits or trading permitted.
According to the company, Russian individuals and legal entities with bitcoin account balances greater than EUR 10,000 would have 90 days to cancel their holdings.