Crypto exchange Binance banned Russians from buying and selling dollars and euros through its P2P service due to EU sanctions

Binance, the world’s largest crypto exchange in terms of operations, has banned Russians from buying and selling dollars and euros through its own P2P service. This was reported to Forbes by a representative of the exchange.

Ban touches also all individuals living in Russia, regardless of their “nationality”. In addition, the exchange banned EU citizens from buying and selling rubles through P2P.

“In order to continue using Binance P2P, users can choose other available fiat currencies,” a spokesman for the exchange said. At the same time, it is noted that Russians will still be able to use rubles on Binance.

Journalists of Novaya Gazeta Europe made sure, which Binance forbids, in particular, buying with euros. Now this cryptocurrency can only be bought for rubles.

The bans were introduced in accordance with the tenth package of EU sanctions against Russia, Forbes explains.

Russians began to actively use the P2P services of Binance and other crypto exchanges shortly after the full-scale Russian invasion of Ukraine in 2022, when normal SWIFT transfers became difficult due to sanctions. Using P2P services, you can transfer money from one crypto wallet to another or buy cryptocurrency, Forbes notes.

Previously, Binance, due to sanctions against the Russian Federation, limited only the marginal value of assets on the balance of crypto wallets of Russians. From April 2022, it should not exceed the equivalent of 10,000 euros. Then the crypto exchange notedthat for Russian citizens who have provided proof of residence abroad, restrictions will not be introduced. At the same time, the crypto exchange did not close the opportunity for Russians to use their services, as required by the eighth package of EU sanctions, writes Forbes.

Russians have been banned from using cryptocurrency in Europe. Does this apply to everyone, without exception? Savings now no way to withdraw?

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Deborah Acker

I write epic fantasy; self-published via KDP. Devoted dog mom to my 10 yr old GSD, Shadow! DM not a priority; slow response at best #amwriting #author.

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