Binance is once again offering crypto services in Russia

After a year of restrictions, Russian users seem to be able to use Binance again. Over a year ago, the largest crypto exchange placed restrictions on Russian users after Russia invaded Ukraine. Those restrictions now appear to have been quietly lifted. This makes crypto news website Fork log known.

Binance does not comment

Initially, restrictions applied to accounts with more than ten thousand euros in assets on the platform. Also, crypto could not be purchased with Visa and Mastercard. It seems that money deposits are possible again with Russian bank cards. Remarkably, Binance has not yet provided any explanation about the choice.

A spokesperson for the exchange who was asked for clarification neither denies nor confirms the lifting of the restrictions.

“All current restrictions related to sanctions against Russian customers are fully applicable to the platform and its related parties in the European Union.”

According to Binance’s spokesperson, who does not really clarify anything. As mentioned, the Binance restrictions coincided with the EU’s overall sanctions in response to the Russian attack on Ukraine. While those sanctions are still active, the Binance restrictions suddenly aren’t.

The only restriction that still seems to be active on the platform is peer-to-peer (p2p) transactions of euros and dollars between users. This is currently only possible with the Russian ruble.

Russia is making big crypto moves

Last October, Binance CEO Changpeng “CZ” Zhao spoke out on the matter. He believed that Binance would comply with the sanctions, but Binance related parties outside the EU might still provide services to Russians. “We are against dictatorships, but not against the population,” he said at the time.

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The news of the restrictions being lifted comes shortly after other crypto news from Russia. The country has indicated that it will use crypto for their international trade. Companies connected to the state are also allowed to use crypto for payments. Soon this may even be extended to the private sector.

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