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Binance limits the use of its platform in Russia

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Already sanctioned by many countries and in particular by the European Union, Russia has been at the heart of the news in recent weeks. Now, Russian users are restricted in their use of the Binance platform.

Important restrictions for Russian users

 

The cryptocurrency exchange giant this week announced multiple limitations for its users residing in Russia. These restrictions apply to all accounts holding more than 10,000 euros on the exchange

 

Users will no longer be able to deposit or trade on their wallets. This measure concerns all of the platform’s services. Namely spot and future trading but also staking or Binance Earn services.

If positions are opened by these users, they have 90 days to close them. These are therefore strong measures that more than strongly limit the activity of Russian residents on the cryptocurrency exchange platform.

A change of position for Binance?

 

Binance therefore appears to be following the path of many European and global governments imposing sanctions on Russia. The company’s press release begins by mentioning the fifth wave of restrictive measures by the European Union.

Binance then changed its position. Indeed, the company declared on February 28 that it would not block the accounts of Russian users. If these are not blocked stricto sensu, these measures nevertheless prevent any activity. And this, for Russian users with more than 10,000 euros on the exchange.

These measures revive the debate on the political role or not that crypto currencies should play, especially in these periods of war. The latter have mainly been accused of being a means of circumventing sanctions for the Russians. It is difficult to know if this could be the case, the fact remains that Binance has decided to react with these strong measures with immediate effect .

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