Binance to impose sanctions on Russian cryptocurrency users

Binance has announced that it will be implementing a new set of restrictions on Russian users. Users from Russia will not be able to deposit crypto over 10,000 euro and this includes Russian nationals as well. If total value of crypto is less than 10,000 euro, there is no need to panic and your Binance account will function like it is doing right now.

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If you have cryptocurrencies more than 10000 euro stored on Binance cryptocurrency exchange, you have 90-days to close out their positions. Furthermore, if you are a Russian citizen, you will no longer be allowed to open new positions.

Starting today, Russian nationals and citizens are required to complete their proof of address verification. Other cryptocurrency exchanges are expected to follow these sanctions soon and rules they implement will more-or-less be the same. These rules sound a bit harsh for the normal cryptocurrency trader and holder in Russia who have no interest in war, but this is how world works.

Keep in mind that these rules apply to Russian nationals outside Russia as well.

Binance wants to be leader when it comes to implementing sanctions as they are the biggest cryptocurrency exchange in world.