Crypto exchange Binance has banned Russians from p2p transactions with any foreign currencies
The decision was dictated by the adoption of a new package of sanctions imposed by the EU on Russia
Binance, the world's largest cryptocurrency exchange, has banned Russian citizens from selling and buying any currency other than the ruble through its P2P service. It is not yet known how long this ban will last.
Source. This was reported by vc.ru.
Russian citizens began to actively use P2P services of crypto exchanges, including Binance, after the invasion of Ukraine by Russian troops and the imposition of sanctions that complicated regular SWIFT transfers.
Users of Steam, PlayStation, and Xbox gaming services were among the first to face the new Binance rules. After the outbreak of the war in Ukraine, it became impossible to buy games for rubles on these platforms, and players registered Turkish accounts. They paid for games with lira, which was exchanged on the P2P service Binance.
Now, when you try to make a foreign currency transaction on Binance, a message appears: "Please select a local currency for P2P trading. This is required according to Binance's rules for the country you specified during verification." Binance representatives have not yet commented on this decision.
As part of the fifth package of sanctions imposed by the European Union against Russia, in April 2022, Binance introduced a restriction on the amount of crypto assets held by Russian citizens exceeding €10,000. However, this restriction was lifted a year later.
In March 2023, the crypto exchange blocked the ability of Russians to conduct transactions with dollars and euros through its P2P service. This decision was dictated by the adoption of the tenth package of sanctions imposed by the European Union on Russia.
In May, the US Department of Justice launched a new investigation against Binance. The US authorities suspected that Russian citizens were using the platform to circumvent sanctions.
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