Following the latest sanctions of the European Union, the exchange Binance limits crypto exchange for large amounts to Russian entities or individuals.
Binance the exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. the world’s largest cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. exchange by trading volume, sent out a statement informing that it restricts services to Russian individuals or entities with crypto assets exceeding the value of 10,000 euros (USD $10,885).
So begins the communiqué of the exchange:
“Following the European Union’s fifth package of restrictive measures against Russia, Binance must limit services for Russian citizens or natural persons residing in Russia, or legal entities established in Russia, holding cryptoassets exceeding the value of 10,000 EUR. As such, we request that you complete verification of your proof of residency.
Accounts that fall under this restriction will be placed in withdrawal only mode”.
It also states:
“The limit also covers all spot a contract or transaction buying or selling a cryptocurrency for immediate settlement, or payment and delivery, of the cryptocurrency on the market. deposits, futures, custody custody is a financial institution's legal capacity to keep and preserve financial assets for its clients to avoid asset theft or loss. portfolios and accumulated and earned deposits. In addition, all deposits on accounts of Russian citizens or natural persons residing in Russia, or legal entities established in Russia with more than EUR 10,000 will be restricted.
Accounts of Russian citizens residing outside Russia, verified with a proof of address, and accounts of Russian citizens or natural persons residing in Russia, or legal entities established in Russia, which remain below a total value of EUR 10,000 shall remain active and unchanged”. .
Also, in the statement it talks about those who own crypto futures a futures contract is a standardized legal agreement to buy or sell a particular commodity or asset at a predetermined price at a specified time in the future. or derivatives:
“Russian citizens or natural persons residing in Russia, or legal entities established in Russia, with open Futures/Derivatives positions, and having balances in crypto-accounts exceeding 10,000 EUR, will have 90 days to close refers to the closing price; similar to the same term used in stock trading. their positions. No new positions will be allowed to be added.
Finally, Binance feels its position as a company and declares:
“While these measures are potentially restrictive for ordinary Russian citizens, Binance must continue to lead the industry in implementing these sanctions.”
He also calls on other crypto exchanges to imitate his actions:
“We believe all other major exchanges should follow the same rules soon.”
It is worth recalling that two weeks ago the European Union banned the provision of high-value cryptoservices in Russia to seal “potential loopholes” and said thatel uso de cripto estaba incluído dentro de las sanciones. While the International Monetary Fund warned that the Russian sanctions could boost the use of cryptocurrencies and erode the dollar’s supremacy.
It should also be recalled that at the beginning of April, the CEO of Binance, Changpeng Zhao, had said that crypto was not a good way to circumvent sanctions. Before that, Binance and others exchanges como Kraken y Coinbase is an American company that operates a cryptocurrency exchange platform. were refusing to stop providing services to persons from Russia without a court order.
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