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World’s largest crypto exchange, Binance, disables services in Russia

In accordance to the EU sanctions, Binance has decided to deactivate the accounts of major crypto clients in Russia.

According to Binance, Russian nationals, residents and companies based in Russia with crypto assets worth more than 10000 Euros will be banned from making new deposits and/or trading.

This said, the clients who are subject to these new rules will still be able to withdraw their funds.

The accounts of users who have undergone due diligence and hold less than 10000 Euros in their Binance accounts will still remain active.

Taking part in a broader effort to close potential loopholes that could allow Russians to move their money abroad, the EU has targeted digital wallets used to store, send, receive and spend cryptocurrencies, in an effort to contribute to its fifth package of sanctions on Russia this month.

Major cryptocurrency exchanges rejected the plea from Ukraine to freeze all accounts that are associated with Russia. Binance said in March that it would not, “unilaterally freeze millions of innocent users’ accounts”, however, they will ensure that they do the necessary due diligence in accordance to the current compliance obligations and sanctions.

Photo by FLY:D

About the author, Leyla Ozturk

Leyla Ozturk, lifelong learner currently immersed in the digital world and the way businesses can step into this world. Deeply fascinated by blockchain, cryptocurrency and the whole Fintech ecosystem. All 3 areas have proven that there are issues within the system, there are ways to improve the system and this disruption is needed for economic growth and improvement.

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