Crypto exchange Binance has announced it plans to limit services for Russian nationals following a fresh wave of EU sanctions.  

Earlier this month, EU officials confirmed that a fifth round of sanctions would be placed on Moscow to specifically target the use of cryptocurrencies.  

In the wake of Russia’s invasion of Ukraine, EU-based crypto exchanges were required to apply sanctions on targeted individuals. However, critics argued that loopholes remained and could be manipulated by Russian nationals seeking to circumvent sanctions.  

The new round of EU sanctions target crypto wallets, financial institutions and trust funds which could be used by Russians to access or move funds.  

Binance cracking down 

In a statement today (21st April), Binance said that although the measures are “potentially restrictive to normal Russian citizens,” the firm is obliged to take a firm stance and “lead the industry” in implementing restrictions.  

The announcement means that Russian nationals holding crypto assets in excess of 10,000 euros will be restricted from using certain services and placed in “withdrawal-only” mode.  

The firm said that affected customers will be given 90 days to close their accounts.  

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“Accounts that classify under this restriction will be put into withdrawal-only mode. No deposits or trading will be permitted on these accounts,” a spokesperson said.  

“The limit also covers all spot, futures, custody wallets, and staked and earned deposits. In addition, all deposits to accounts for Russian nationals or natural persons residing in Russia, or legal entities established in Russia with over 10,000 EUR will be restricted.” 

Accounts which remain below a total value of 10,000 euros will remain unaffected by the move, the company added.  

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