Now Binance exchange is fully accessible in Russia: Report
Reportedly Binance crypto exchange removed all the restrictions for Russian users, which were imposed by the exchange on behalf of EU sanctions in 2022.
Binance is a top crypto exchange. In late Q1 2022, Russia & Ukraine were under a geopolitical conflict and in that conflict, the majority of the Western powers (e.g US, UK, Switzerland, EU, etc) supported Ukraine & imposed international trade sanctions on Russia. On behalf of these sanctions, Binance banned Russian citizens & residents from Russian-issued card deposit services.
Recently Few media reports confirmed that Binance exchange lifted the ban, which was imposed by the exchange in 2022. Now all Russian Binance customers can easily deposit funds with the help of Cards, issued by Russian banks or financial institutions.
Earlier in April of this year, Binance lifted limits for accounts with balances larger than 10,000 euros for users in Russia.
It was strange that Binance Exchange failed to talk about such decisions officially.
According to Coindesk news media, a Binance spokesperson failed to respond with full clarity on this latest decision taken by Binance in favour of Russian customers.
Reportedly Binance spokesperson said via mail:
“All current restrictions related to sanctions against Russian nationals are applied by the platform and its legal entities in the European Union in full.”
Binance & legal hurdles
The services of Binance exchange are available globally, except in a few countries e.g in America Binance provides services via a fully independent subsidiary BinanceUS.
Recently the United States Commodities regulatory body sued the Binance exchange over unregistered crypto derivatives trading for American citizens. In response, Binance Exchange clearly stated that none of the Binance services were available to US citizens.
The CFTC chairman Rostin Benham alleged that Binance services were accessible in the US jurisdiction with the help of a Virtual Private Network (VPN) and it was Binance’s fault, which failed to prohibit the engagement of US citizens on the Binance exchange.
Read also: Coinbase seeks response from the SEC agency over July 2022 petition (Court Suit)
