Discover the crypto universe in depth

Binance Lifts Restrictions on Russian Users for Deposits and Balances

Binance Russia
Getting your Trinity Audio player ready...

Binance Lifts Restrictions on Russian Users, Allowing Deposits with Bank Cards and Removing Balance Limitation

Binance, the world’s largest cryptocurrency exchange, has lifted certain restrictions on its users residing in Russia, as reported by local crypto media. The platform has now allowed Russian users to use their bank cards, including Visa and Mastercard issued by Russian banks, to make deposits. Binance had suspended transactions with Russian-issued cards in March 2022, following the full-scale invasion of Ukraine by Moscow.

Deposits can also be made using Russia’s own Mir cards, and through the Russian payment service Qiwi by selecting the ‘bank card’ option. Binance accounts can be loaded with Russian ruble, British pound, Turkish lira, and euro, while the U.S. dollar is not supported.

Citing Binance’s tech support team, Russian crypto media reported that the exchange has lifted the €10,000 ($11,000) limit on Russian accounts, imposed earlier in April 2022 in compliance with the EU’s fifth package of sanctions. However, Binance later clarified that its EU-registered entities remain prohibited from providing services to organizations established in Russia and Russian citizens.

“Conversion of rubles into cryptocurrency occurs without problems. For example, an order from rubles to USDT is made without commission,” according to the Russian news outlet Kod Durova, which also noted that withdrawals are possible in rubles, subject to limits varying between 4,300 and 200,000 rubles (approximately $2,500).

According to legal expert Andrey Tugarin, Binance may have transferred Russian users to an entity in a different jurisdiction. This would help the platform to avoid the EU restrictions that apply only to the European Union. Binance may also be testing its service, as per a statement from the platform’s support team.

Related Posts