In 2022, Binance imposed a €10,000 limit on Russians with assets on its platform due to the EU’s fifth package restrictions on Russia.
However, according to a report by local media outlet RBC, the limit has been lifted. Binance’s technical support team reportedly confirmed to RBC that the firm had lifted its restrictions.
This news comes as a relief to Russian users who were previously restricted to depositing a maximum of €10,000 on the platform. They can now deposit more and use the funds for trading.
Unfortunately, Russian users are still not able to carry out peer-to-peer transactions in U.S. dollars and Euros. This is a blanket ban that applies to all Russian residents.
Binance has yet to respond to CryptoSlate’s request for comment, but this development is an encouraging sign for crypto enthusiasts in Russia.
Other crypto exchanges like Blockchain.com, Crypto.com, and LocalBitcoins also banned Russians from using their services after Binance’s move last year.
The Russian Federation has been heavily sanctioned by the Western world for its invasion of Ukraine, leading to speculation that it could turn to crypto to bypass the sanctions. However, President Vladimir Putin signed a law banning local crypto payments, leaving the country’s stance on crypto unclear.
