Binance Limited Services For Russian Users After New Sanctions Package

Binance limited services for Russian users after a new sanctions package imposed by the EU, especially for accounts that more than 10,000 EUR in their accounts so let’s read more in today’s latest Binance news.

Following the EU’s fifth sanctions package against Russia, Binance started taking new measures against the Russian users and entities. The Russian users that have accounts holding more than 10,000 EUR in crypto, will face limited services as a part of these measures. If the account falls into this category, it will be put into withdraw mode only now that Binance limited services for the users. This means that the accounts won’t be able to deposit more funds and the users will be expected to close their accounts in 90 days. The users will also have to verify their home address and comply with the new rules but accounts with less than 10,000 EUR will remain unaffected.

The EU announced a new wave of sanctions and included crypto wallets that are related to Russia as a means of closing potential loopholes in the suite of sanctions against the country amid the invasion of Ukraine. Today’s announcement came a few days after the US governemnt levied sanctions on the BTC mining firm BitRiver and as with many of its subsidiaries and this is the first time that the US has sanctioned a mining company.

Also, The International Monetary Fund – IMF Warned Russia can use BTC mining to evade sanctions that were levied in the wake of the invasion of Ukraine. The report warned that the country could use its energy resources to power crypto mining and generate revenue. After the Ukraine invasion, concerns were raised over the potential for Russia to evade sanctions via crypto. It is important to note that while it is still unlikely that cryptos can enable Russia as a nation to evade the international sanctions but there’s a sorry that the sanctioned entities can pivot to crypto and provide revenue.

The organization also noted that the share of mining in countries under sanctions and the size of mining revenue globally, suggests that the magnitude of these flows is contained but there are risks to financial integrity. President Vladimir Putin said that Russia has a competitive advantage when it comes to BTC mining but according to Cambridge University, Russia is still one of the leading jurisdictions in the world in terms of BTC mining, ranking third in a study published in 2021.