It was recently reported that the ban on Russian people and residents was discreetly lifted by Binance, the largest cryptocurrency exchange in the world by trading volume. Users can now deposit Russian rubles, euros, British pounds, and other currencies from bank cards issued in Russia.
After the European Union imposed sanctions on Russia in reaction to its attack on Ukraine, Binance declared in March 2022 that it would not accept Visa and Mastercard deposits made from Russia or from cards issued in that country.
Russian users additionally alleged that Binance has increased the threshold for accounts with balances greater than 10,000 euros for Russian customers earlier in April. The exchange has yet to officially confirm these reports, however.
The EU and the US placed sanctions on Russia due to the country’s invasion of Ukraine, which led to last year’s ban on Russian bank cards. The majority of Russian banks were disconnected from SWIFT, the global interbank settlement network.
According to Binance, the restrictions were mandated by “the EU’s fifth package of restrictive measures against Russia” when it announced the 10,000-euro cap for customers inside of Russia. Media reports state that although the restrictions are still in effect, Binance is no longer subject to this limitation and the use of Russian bank cards is no longer prohibited.
However, Binance last month restricted Russian citizens and residents from conducting peer-to-peer (p2p) transactions in dollars and euros, leaving just the Russian ruble as an alternative. This restriction still exists, according to a spokesman for Binance.
