Binance only allows Russian users with more than 10,000 euros to withdraw

Russian users’ Binance accounts may not contain more than $10,000 worth of cryptocurrencies. Account holders with higher amounts are only allowed to withdraw money. The marketplace’s decision follows European sanctions.

Binance accounts of Russians or Russian organizations with more than 10,000 euros worth of cryptocurrencies have to go through an address verification and are put in a mode where only recordings are possible. They can no longer add amounts and accounts can no longer be used for trading cryptocurrencies. Binance reports that.

The marketplace emphasizes that Russian accounts with amounts lower than 10,000 euros will remain as they are. Binance acknowledges that the measure could be restrictive for Russian citizens, but says it must implement the sanctions. According to the company, other major crypto exchanges will soon have to follow the same rules.

Binance CEO Changpeng Zhao Says He Believes Crypto Exchanges Shouldn’t Have Power to freeze the accounts of an entire countrybut that he has no other choice, because ‘the global community’ has promised to follow sanctions.

In early April, the European Commission published a package of new measures against Russia over the invasion of Ukraine, including a ban on the provision of cryptocurrencies services with ‘high value’ to Russia.