Cryptocurrency exchange Binance will limit its work in Russia

It became known that for users from Russia, whose packages of assets exceed 10 thousand euros, the Binance crypto exchange will only work for withdrawing funds. They cannot trade.

Binance published a message saying that the use of accounts of Russians with accounts over 10 thousand euro has been limited. Profiles will be switched to the “withdrawal only” mode, eliminating the ability to replenish wallets or trade on the exchange.

The crypto exchange does not plan to complete work in the Russian Federation.

However, Binance notes that if the global community requires the exchange to follow the new sanctions, this will be done. The current restrictions were introduced in accordance with the fifth package of sanctions against the Russian Federation.

As for those users from Russia whose crypto wallets do not exceed 10 thousand euro, they will continue to function in the standard mode. However, as soon as the amount exceeds the threshold, they will be transferred to the withdrawal of funds mode.

The current restrictions are in place for an indefinite period. Users with wallets over 10,000 euro who have fixed-term or futures contracts open will have 90 days to close them.