According to media reports on Wednesday, Binance, which holds the title of the world’ largest cryptocurrency trading platform by volume, has banned users based in Russia from using its P2P (peer-to-peer) platform to buy and sell US dollars and euros.

The company said the move was necessary in light of the latest round of sanctions issued against Russia. It noted that any individual residing in Russia will be banned from engaging in transactions in dollars and euros, regardless of their nationality.

Users based in the EU are also banned from making transfers in Russian rubles, using the platform, according to reports. If a user tries to make a transaction in rubles, the platform will prompt them to select a “local currency” for P2P.

In an interview, a representative of the exchange said, “In order to continue using Binance P2P, users can choose other available fiat currencies.”

Following the disconnection of a number of Russian banks from the SWIFT system , and the exit of Visa and Mastercard from Russia, cryptocurrencies, particularly the stablecoin USDT, were a common method by which Russians could move money abroad.

Following the imposition of the Western financial sanctions, Russians turned to crypto-exchanges, and their P2P services, which allowed dollar or euro-pegged cryptocurrencies to be moved between different crypto wallets.

The new limitations are not the first the platform has imposed on Russian users. In April of last year, Russian accounts with more than €10,000 worth of assets in them had additional limitations placed on them.