Binance Reportedly Lifts Restrictions On Russian Accounts, Including Amount Limits

Binance, the world's largest centralized cryptocurrency exchange platform by trading volume, has reportedly lifted its restrictions on Russian accounts, including amount limits.

Citing the technical support team of the exchange which confirmed the lifting of the restrictions, Russian media outlet RBC reported that Binance has already removed the €10,000 ($10,986) limit it placed on Russian accounts last year after a wide array of sanctions from various countries.

According to the outlet, Binance's technical support team wrote to its Russian users that they could now deposit more than €10,000 on the exchange that they could use for trading.

However, RBC claimed that despite the lifting of some restrictions, including the amount limit, Binance Russian users are still prohibited from peer-to-peer transactions in Euro and U.S. dollars, noting that this restriction is a "blanket ban" for all residents in Russia.

In April 2022, Binance released a blog explaining the changes in its services to users in Russia.

"Following the EU's fifth package of restrictive measures against Russia, Binance is required to limit services for Russian nationals or natural persons residing in Russia, or legal entities established in Russia, that have crypto assets exceeding the value of 10,000 EUR," the exchange said, adding that it now requires Russian users to "complete your proof-of-address verification."

The exchange also put accounts of users in Russia in "withdrawal mode only."

"Accounts that classify under this restriction will be put into withdrawal-only mode. No deposits or trading will be permitted on these accounts. 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," the exchange announced at the time.

Interestingly, the BeInCrypto news platform seemingly confirmed the same information and added that Binance has already reintroduced compatibility with Russian bank-issued cards.

This restriction was enforced by Binance in March 2022 when it blocked transactions with cards issued by Russian Federation-based banks after Visa and Mastercard withdrew and stopped offering network services in the country.

"Due to recent decisions by Visa and Mastercard - all transactions initiated with Mastercard and Visa cards issued in Russia will be unavailable on Binance," the exchange's blog announced last year.

"In addition, all transactions initiated with Mastercard and Visa cards by financial institutions outside of Russia will also be unavailable within the Russian Federation on Binance," it added.

While Binance has not officially released a statement related to these claims, a spokesperson of the exchange reportedly noted that the CEX's stance on Russian accounts remains the same.

"All current restrictions related to sanctions against Russian citizens are fully applied by the platform and its legal entities in the European Union," the spokesperson said.