The world’s largest crypto exchange, Binance, has lifted some restrictions on Russian users, local crypto media has exposed. According to multiple reports, Russians can once again use their bank cards to deposit and the trading platform has removed a limit on their balances that was introduced pursuant to European sanctions.
Russian cards, including Visa and Mastercard, are used to load Binance accounts
Russian bank card holders can now deposit funds on Binance, the world leader among cryptocurrency exchanges. According to Russian news outlet Kod Durova, deposits can be made not only with Russian Mir cards but also with Visa and Mastercard issued by Russian banks.
The report shows that Binance accounts can be loaded through the Russian payment service Qiwi by selecting the “Bank Card” option. Russian Ruble, British Pound, Turkish Lira and Euro are among the available fiat currencies while the US dollar is not supported.
In March 2022, Binance stopped transactions with cards issued in Russia, shortly after Moscow launched its full-scale invasion of Ukraine in late February. The restrictions were implemented after Visa and Mastercard suspended operations in Russia as part of Western sanctions over the war.
“Rubles are converted into cryptocurrency without problems. For example, a request from rubles to USDT Made without commission ”, Durova code booksnoting that withdrawals from rubles are possible in the range from 4,300 to 200,000 rubles (approximately $2,500).
It has been reported that the €10,000 limit for Russian accounts has been raised
Citing Binance tech support, Russian crypto media reported last week that the exchange had also removed the €10,000 ($11,000) limit for Russian accounts. It was imposed in compliance with the fifth package of EU sanctions in April 2022.
In October, the European Union went further, placing a complete ban on the provision of all wallet, account or custody services for crypto assets to Russian persons and residents as part of the eighth package of sanctions introduced by Brussels.
No official announcement has been made about the reported removal of the said limit but a Binance support agent has confirmed its absence to RBC Crypto. Later, the company indicated that its entities registered in the European Union are prohibited from providing services to organizations established in Russia and Russian citizens and said:
All existing restrictions regarding sanctions against Russian citizens are applied by the platform and its legal entities in the European Union in full.
According to Andrey Tugarin, a legal expert quoted by leading Russian news outlet Bits.media, Binance may have moved Russian users to an entity in a different jurisdiction because the EU restrictions would only apply to the EU.
Bits.media quoted another message from platform support regarding card payments, stating that “the service is implementing in test mode and is not yet available to all users of the platform. However, most Binance users can already transact with Qiwi wallet.”
What are your thoughts on the removal of the reported restrictions for Russian Binance users? Share them in the comments section below.
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