Before Binance, Coinbase has also imposed trade restrictions on Russian account holders. There has been news that oligarchs in Russia are attempting to circumvent the international financial restrictions by switching to cryptocurrencies.
Binance has decided to introduce the same restrictions for its account holders in Russia as part of its preparation to comply with regulatory requirements. On this account, Binance has introduced limitations for peer-to-peer crypto trading for Russian consumers.
The notification regarding this change was posted on the Telegram account of Binance that adds notifications in Russian language. The firm restricted the users from accessing non-Russian fiat currency for the users who reside within Russia.
Russian Users Can’t Access Fiat Currencies
The notification of Binance posted on Telegram has maintained that Russian account holders of Binance who have active accounts outside of Russia must also face some trade limitations. As per the new policy changes, the native users will not be able to access various foreign currencies such as euro and Ukrainian legal tender hryvnia.
In addition, Binance has notified its consumers that if the Russian users want to make trades in the form of Rubles for P2p trading, they have to complete the KYC process and reside in Russia.
At the same time, officials have asked the consumers to cooperate with the exchange and contact the customer support in case of any queries. Following the new policies, various reviews have surfaced.
These reviews indicated that the Russian users residing outside of the country were affected the most by these new regulations. The non-resident Russians are now unable to convert their Ruble reserves held in Russian banks in other fiat currencies using P2P services on Binance.
Binance officials have not connected the latest policy changes as compliance with Western sanctions. At the same time, the exchange has refrained from linking the policy revision to the latest fiat-related restrictions the government of Russia has introduced on account of falling value of Ruble.
In addition to the aforementioned restrictions for Russian account holders, Binance has added a list of other sanctions on the same diaspora as well.
Binance revoked service contract with banks hailing from Russia such as Tinkoff and Rosbank. These banks were listed as P2P services providers on Binance exchange. Cryptocurrencies continue to be subject to changes in the geopolitical atmosphere.
During the G20 event, Indian PM Narendra Modi called upon the international community to create a standardized international framework for crypto assets.
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