Binance reportedly lifted the €10,000 limit it placed on Russian accounts in 2022, local media outlet RBC reported on April 18.
According to the report, the technical support team of the crypto exchange confirmed to a correspondent of the media outlet that the firm had lifted its restrictions.
RBC reported that the technical support team wrote that Russian users could now deposit beyond €10,000 on the platform and use them for trading.
Meanwhile, Binance Russian users are still restricted from peer-to-peer transactions in U.S. dollars and Euros. RBC added that this restriction is a blanket ban for all residents of Russia.
Binance was yet to respond to CryptoSlate’s request for comment as of press time.
In April 2022, Binance imposed strict sanctions on Russians with assets exceeding €10,000 on its platform. At the time, the exchange cited the EU’s fifth package restrictions on Russia for its decision.
After Binance, other crypto exchanges like Blockchain.com, Crypto.com, and LocalBitcoins also banned Russians from using their services.
Russia is still heavily sanctioned by the Western world over its invasion of Ukraine. Due to this, the Russian Federation has considered using crypto to bypass the sanctions.
However, the country’s posture towards crypto remains unclear as President Vladimir Putin signed a law banning local crypto payments.
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