Binance, the largest cryptocurrency exchange in the world, has recently prohibited users from the Russian Federation, as well as anyone located in Russia, from engaging in buying and selling USD and EUR through their P2P service.
This decision is a result of the tenth round of EU sanctions. Conversely, EU citizens will also be unable to trade rubles using P2P.
Binance’s representative stated in an interview with Forbes that users can choose from other available fiat currencies if they wish to continue using the P2P service.
P2P services offered by Binance and other crypto exchanges have gained popularity in Russia, especially after the restriction of SWIFT transfers.
These services allow users to transfer assets from one crypto wallet to another and purchase cryptocurrencies.
Binance first announced the new rules for Russian residents in April of 2022. Furthermore, users who possess assets worth more than €10,000 will only be allowed to withdraw funds and not trade on the exchange.
The restrictions apply to both personal and corporate accounts, according to a statement on the Binance website. The restrictions are associated with the fifth round of EU sanctions.
Recently, the EU authorities have imposed a new package of sanctions that will impede Russia’s foreign trade and limit the access of Russian citizens to the largest cryptocurrency exchanges operating in Europe.