{"id":20300,"date":"2023-04-27T07:10:59","date_gmt":"2023-04-27T07:10:59","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/binance-reportedly-removes-restrictions-on-russian-users-exchanges-bitcoin-news\/"},"modified":"2023-04-27T07:10:59","modified_gmt":"2023-04-27T07:10:59","slug":"binance-reportedly-removes-restrictions-on-russian-users-exchanges-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/binance-reportedly-removes-restrictions-on-russian-users-exchanges-bitcoin-news\/","title":{"rendered":"Binance Reportedly Removes Restrictions on Russian Users \u2013 Exchanges Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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The world\u2019s largest crypto exchange, Binance, has lifted certain restrictions on Russian users, local crypto media unveiled. According to multiple reports, Russians can once again use their bank cards to make deposits and the trading platform has canceled a limit on their balances which was introduced in compliance with European sanctions. <\/strong><\/p>\n

Russian Cards, Including Visa and Mastercard, Used to Load Binance Accounts<\/h2>\n

Holders of Russian bank cards can now deposit money to Binance, the global leader among cryptocurrency exchanges. According to the Russian news outlet Kod Durova, deposits can be made not only with Russia\u2019s own Mir cards but also with Visa and Mastercard issued by Russian banks.<\/p>\n

The report shows that Binance accounts can be loaded through the Russian payment service Qiwi by selecting the \u2018bank card\u2019 option. Russian ruble, British pound, Turkish lira, and euro are among the available fiat currencies while the U.S. dollar is not supported.<\/p>\n

\"Binance
Source: Kod Durova<\/figcaption><\/figure>\n

In March 2022, Binance halted transactions with Russian-issued cards, soon after Moscow launched its full-scale invasion of Ukraine in late February. The restrictions were applied after Visa and Mastercard suspended operations<\/a> in Russia as part of Western sanctions over the war.<\/p>\n

\u201cConversion of rubles into cryptocurrency occurs without problems. For example, an order from rubles to USDT<\/a> is made without commission,\u201d Kod Durova wrote<\/a>, noting that withdrawals to rubles are possible within limits varying between 4,300 and 200,000 rubles (close to $2,500).<\/p>\n

\u20ac10,000 Limit for Russian Accounts Reportedly Lifted<\/h2>\n

Quoting Binance\u2019s tech support, Russian crypto media reported last week that the exchange has also removed the \u20ac10,000 ($11,000) limit on Russian accounts. It was imposed<\/a> in compliance with the EU\u2019s fifth package<\/a> of sanctions in April 2022.<\/p>\n

In October, the European Union went even further, introducing a full ban<\/a> on the provision of all wallet, account, or custody services for crypto assets to Russian persons and residents as part of the eighth package of penalties introduced by Brussels.<\/p>\n

No official announcement has been made about the reported removal of the said limit but a Binance support agent confirmed its absence to RBC Crypto. Later the company pointed out that its EU-registered entities are prohibited from providing services to organizations established in Russia and Russian citizens and stated:<\/p>\n

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All current restrictions related to sanctions against Russian citizens are applied by the platform and its legal entities in the European Union in full.<\/p>\n<\/blockquote>\n

According to Andrey Tugarin, a legal expert quoted by leading Russian crypto news outlet Bits.media, Binance may have transferred Russian users to an entity in a different jurisdiction as the EU restrictions would apply only to the European Union.<\/p>\n

Bits.media quoted another message from the platform\u2019s support regarding the card payments, according to which \u201cThe 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.\u201d<\/p>\n

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bank cards<\/a>, Binance<\/a>, cards<\/a>, Crypto<\/a>, crypto exchange<\/a>, Cryptocurrencies<\/a>, Cryptocurrency<\/a>, EU<\/a>, Exchange<\/a>, Limit<\/a>, MasterCard<\/a>, Mir<\/a>, restrictions<\/a>, Russia<\/a>, russian<\/a>, Russian cards<\/a>, russians<\/a>, Sanctions<\/a>, users<\/a>, VISA<\/a><\/div>\n<\/div>\n

What are your thoughts on the reported removal of restrictions for Russian users of Binance? Share them in the comments section below. <\/strong><\/em><\/p>\n

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\nLubomir Tassev <\/h6>\n

\nLubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens\u2019s quote: \u201cBeing a writer is what I am, rather than what I do.\u201d Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons, Iryna Budanova \/ Shutterstock.com<\/em><\/p>\n

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