In reaction to the European Union's fifth package of sanctions against Russia, Binance, the world's largest cryptocurrency exchange by volume, has imposed significant restrictions on Russian users.
Binance imposed additional restrictions on Russian nationals and residents on Thursday, prohibiting them from trading if their funds above 10,000 euros ($10,800).
Binance's spot, futures, and custody wallets, as well as staked and earned deposits, are no longer available to restricted accounts.
According to the notification, the restriction applies to Russian residents, natural people residing in Russia, and legal companies located in Russia.
“Accounts for Russian nationals residing outside Russia, as verified with proof of address, and accounts for Russian nationals or natural persons residing in Russia, or legal entities established in Russia, that remain below a total value of 10,000 EUR, will remain unaffected and active.”
Individuals and institutions who are restricted from trading futures or derivatives have 90 days to close their positions.