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Binance, the world's largest cryptocurrency exchange by trading volume, has lifted its restrictions on Russian citizens and residents that had been in place for over a year. These restrictions were initially imposed by Binance following the European Union's imposition of sanctions on Russia in March 2022 in response to its attack on Ukraine. At that time, Binance announced that it would not allow deposits made from Visa and Mastercard cards issued in Russia, as well as any Visa and Mastercard deposits made from within the country. However, Binance has now quietly removed these limitations, enabling Russian users to once again access its platform with ease.

Over the weekend, crypto news website Forklog reported that the restrictions on Binance for Russian users have been lifted. Specifically, users can now deposit funds in various currencies such as Russian rubles, euros, British pounds, and more, using bank cards issued in Russia. This marks a significant change from the previous limitations, which prevented Russian users from using Visa and Mastercard cards issued in Russia, as well as any Visa and Mastercard deposits made from within the country. With the removal of these restrictions, Binance is once again accessible to Russian users for their cryptocurrency trading needs.

In April, it was reported by Russian users that Binance had removed limits on accounts with balances exceeding 10,000 euros for users in Russia. However, the exchange has yet to issue an official statement regarding either of these modifications.

After being contacted by CoinDesk, a representative from Binance did not provide a clear confirmation or denial of the removal of limitations, but instead stated in an email that: “All current restrictions related to sanctions against Russian nationals are applied by the platform and its legal entities in the European Union in full.”

Last year, Russian bank cards were banned following the imposition of sanctions by the EU and the U.S. in response to Russia's invasion of Ukraine. The ban resulted in the majority of Russian banks being disconnected from SWIFT, the global interbank settlement network.

The EU expanded its sanctions last spring to include a ban on crypto services catering to Russian users with account balances exceeding 10,000 euros. In the fall, the threshold was completely removed, effectively preventing Russian citizens and residents from using any crypto service registered within the EU. In response, LocalBitcoins, Crypto.com, and Blockchain.com promptly informed their Russian users that their accounts would soon be terminated.

Binance previously imposed a 10,000-euro limit for users in Russia, citing the EU's sanctions against Russia as the reason for this restriction. However, recent media reports indicate that Binance has lifted this limit, as well as the ban on Russian bank cards. Despite these changes, Binance still prohibits peer-to-peer trades in dollars and euros for Russian citizens and residents, limiting them to only the Russian ruble option. A Binance spokesperson has confirmed that this restriction remains in place.

During his speech at the Web Summit in Lisbon, Portugal in October, Binance CEO Changpeng Zhao stated that while the company complies with sanctions, certain legal entities located outside of the EU may still be able to provide services to Russian customers. Zhao also emphasized that Binance opposes oppressive regimes and war, but supports the people affected by such regimes. He stated, "We are against dictatorships of war. We’re not against the population."

Source Coindesk