Binance has reportedly lifted restrictions on Russian users that were imposed about a year back. In 2022, the European Union imposed sanctions on Russia as a response to its war against Ukraine. Right after, the largest crypto exchange by trade volume announced that all transactions initiated with Mastercard and Visa cards issued in Russia will be unavailable on its platform.
Now, crypto news website Forklog recently reported that users can deposit Russian rubles, euros, British pounds, and other currencies using bank cards issued in Russia. This indicated that it has likely lifted restrictions on users of the said region.
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Binance has restored support for Russian bank card transactions, including credit cards from Visa and Mastercard, forklog reported. Binance blocked fiat-to-crypto exchanges for Russians after Russia invaded Ukraine. https://t.co/YPfwtgLgaN
— Wu Blockchain (@WuBlockchain) April 25, 2023
The U.S. dollar, however, seems to be off the list. Specifically, the report noted,
“Russian cardholders can top up their account in rubles, Turkish liras, British pounds, euros, Kazakhstani tenge, Australian dollars, Ukrainian hryvnias, Czech crowns and other currencies. Deposits in U.S. dollars are not available.”
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All restrictions are being adhered to: Binance spokesperson
According to Forklog, the Binance support service confirmed to an authorized user that operations with cards of Russian banks are available again on the platform. In fact, in mid-April, Russian users also revealed that Binance lifted limits for accounts with balances of more than 10,000 euros. However, it should be noted that the exchange has not released an official statement pertaining to the aforementioned developments. Without confirming or denying the restriction relaxations, a Binance spokesperson said,
“All current restrictions related to sanctions against Russian nationals are applied by the platform and its legal entities in the European Union in full.”
Earlier this month, an Australian regulator canceled Binance Australia’s derivatives license. However, this revocation was requested by the exchange itself. That said, Binance will no longer be allowed to offer derivatives services to its Australian clients. The Australian Securities and Investments Commission [ASIC] instructed the exchange to close all of its clients’ derivatives positions before April 21. The said move is part of a “targeted review of Binance financial services business in Australia.” It also includes the sorting of both its wholesale as well as retail clients.
Read More: Australian Regulators Cancel Binance’s Derivatives License
