Binance reportedly lifts certain restrictions for Russian users – Cryptopolitan

Binance, the world’s leading cryptocurrency exchange, has reportedly removed some restrictions on its Russian users, according to local crypto media. Reports indicate that Russians can now use their bank cards for deposits, and the exchange has eliminated a balance limit previously imposed in line with European sanctions.

Russian Bank cards, including Visa and Mastercard, accepted for Binance deposits

Russian bank card holders, including those with Visa and Mastercard issued by Russian banks, can now deposit funds into Binance, as reported by Russian news outlet Kod Durova. Binance accounts can also be funded through the Russian payment service Qiwi by choosing the “bank card” option, with available fiat currencies, including the Russian ruble, British pound, Turkish lira, and euro. At the same time, the US dollar is not supported.

Binance ceased transactions with Russian-issued cards in March 2022, following the suspension of Visa and Mastercard operations in Russia as part of Western sanctions in response to the Ukraine invasion. Kod Durova stated that converting rubles to cryptocurrency, such as USDT, occurs seamlessly and without commission, while ruble withdrawals are possible within certain limits.

Removal of €10,000 limit on Russian accounts

Russian crypto media sources, citing Binance’s tech support, reported last week that the exchange lifted the €10,000 ($11,000) limit on Russian accounts, which was imposed in line with the EU’s fifth package of sanctions in April 2022. The European Union later introduced a complete ban on providing wallet, account, or custody services for crypto assets to Russian individuals and residents as part of its eighth package of penalties.

No official announcement has been made regarding removing the aforementioned limit, but a Binance support agent confirmed its absence to RBC Crypto. The company later emphasized that its EU-registered entities are prohibited from offering services to Russian organizations and citizens and stated:

All current restrictions related to sanctions against Russian citizens are applied by the platform and its legal entities in the European Union in full.

Legal expert Andrey Tugarin, quoted by Russian crypto news outlet Bits.media, suggested that Binance may have moved Russian users to an entity in another jurisdiction, as EU restrictions apply only within the European Union. Bits.media also cited a message from the platform’s support about card payments: “The service is implemented in test mode and is not yet available to all users of the platform. However, most Binance users can already transact with the Qiwi Wallet.”