Cryptocurrency exchange Binance will restrict access to services for Russians and users who live in Russia with crypto assets worth more than 10,000 euro, the company said on its website, Trend reports with reference to TASS.
"Following the EU’s fifth package of restrictive measures against Russia, Binance is required to limit services for Russian nationals or natural persons residing in Russia, or legal entities established in Russia, that have crypto assets exceeding the value of 10,000 EUR," the statement said.
According to the exchange, accounts that classify under this restriction will be put into withdrawal-only mode, and no deposits or trading will be permitted on these accounts.
"Russian nationals or natural persons residing in Russia, or legal entities established in Russia, with open Futures/Derivatives positions, and who have crypto account balances that exceed 10,000 EUR will be given 90 days to close out their positions. No new positions will be allowed to be added," the statement said.
Binance does not plan to stop working in Russia yet. However, it monitors the possible expansion of sanctions and does not rule out tougher measures.