As you know, countries around the world have imposed very severe sanctions on Russia, including cryptocurrencies. According to this, the largest crypto exchange in the world, Binance, is beginning to implement European Union sanctions, thus limiting its services to Russian citizens. According to an official announcement, Binance will limit services to Russian people whose value of digital assets exceeds 10,000 euros, which corresponds to $10,885.
“Binance must continue to lead the industry in implementing these sanctions. We believe all other major exchanges must follow the same rules soon.”
Such persons will no longer be able to accept deposits or trade and can only withdraw their remaining funds to their bank accounts. Russians living abroad will not be affected by these sanctions, as will residents of the country who own less than € 10,000 worth of digital assets. As the management of the Binance Crypto Exchange said, they are sorry that ordinary citizens will be hurt this way, but according to their words, simply as the largest crypto exchange, they must set an example for other crypto exchanges.
