Binance To Curb Services To Russia, Following EU Sanctions

Binance has been making headlines for a while now, due to the exchange’s important moves in the crypto space. Now, the crypto exchange is in the spotlight again and this time, it’s related to the Russia-Ukraine war.

Binance decided that it’s time to curb services for Russians following the latest EU sanctions amidst the Russia-Ukraine war.

An official blog post coming from Binance begins by stating that following the EU’s fifth package of restrictive measures against Russia, “Binance is required to limit services for Russian nationals or natural persons residing in Russia, or legal entities established in Russia, that have crypto assets exceeding the value of 10,000 EUR.”

The same blog post notes the fact that the platform has started to require Russians to complete their proof-of-address verification.

We suggest that you check out the complete blog post in order to learn all the details that involve these latest changes that will be applied to the Russian people.

The post concludes by stating that while these measures are potentially restrictive to normal Russian citizens. More than that, “Binance must continue to lead the industry in implementing these sanctions. We believe all other major exchanges must follow the same rules soon.”

Not too long ago, we addressed the fact that Binance CEO Changpeng Zhao said that the crypto adoption would explode during this year.

The mainstream crypto adoption has been one of the most important goals that the crypto industry set. There have been a lot of moves made in this direction, and things continued.

During a new interview, the co-founder of the world’s largest crypto exchange platform says that lawmakers across the globe are increasingly being drawn to the crypto industry in 2022.

Stay tuned for more news, and make sure to keep your eyes on the market.