Cryptocurrency exchange Binance has announced new rules for servicing residents of Russia. Users with assets of more than €10,000 will not be able to trade on the exchange - they will only be able to withdraw funds.

The statement on the Binance website emphasizes that the restrictions are related to the fifth round of EU sanctions against Russia. At the same time, only accounts with an amount of assets exceeding €10,000 fall under the restrictions. They will not be able to make transactions and make deposits to the exchange, but they will be able to withdraw funds. We are talking about both personal accounts and corporate accounts.
 

“Accounts of Russians residing outside of Russia (verified with proof of address provided) and accounts of Russian citizens or individuals residing in Russia (also verified with proof of address) whose total amount does not exceed 10,000 euros will remain intact and active”, - said in the notice.

 

Separately, the statement notes users who fall under the restrictions, who have open positions in cryptocurrency futures or derivatives. They are given 90 days to close their positions, and they will not be able to make new transactions.