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Regulation: Binance limits its services to users residing in Russia

Russian nationals or natural and legal persons residing in Russia with a balance of at least 10,000 euros will be subject to a “withdrawal only mode” on spot, futures, staking and earning wallets.

The founder and head of Binance, the leading crypto exchange platform by volume, spoke out about the new restrictions on Twitter.

Affected users will still have 90 days to close their positions in futures as well as derivatives. They will not be able to open a new position during this period.

Russians living outside of the country who are able to verify their address, as well as those in Russia who have less than 10,000 euros, will not be affected by these changes.

CZ seemed concerned about this sanction and although his company complies with European requirements, he believes that this type of platform should not have to implement such remedies.

“We believe that a crypto currency exchange should not have the power to unilaterally freeze the user accounts of an entire nation.”

Changpeng Zhao

The crypto community is concerned about the impact of such sanctions on a majority of users who have no responsibility in the ongoing conflict.

Binance noted in its statement about these new measures:

“While these measures are potentially restrictive for normal Russian citizens, Binance must continue to lead the industry in implementing these sanctions. We believe that all other major exchange platforms will soon have to follow the same rules.
We thank you for your understanding.”

As Europe recently tackled non-custodial wallets, the importance of holding the private key controlling our funds is becoming increasingly apparent.

binance russia sanction
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