On Tuesday, RBK business daily reported that according to Binance’s technical support service, the world’s largest cryptocurrency exchange by trading volume has lifted some of its restrictions for Russian accounts.
The outlet reported that Russian users have been told by Binance’s technical support division that there are “no restrictions on the accounts, you can make a deposit without worrying about the limit of funds.” Users have reported successfully depositing amounts of over €10,000 ($11,000) and being able to conduct operations with them.
Binance had placed restrictions on Russian accounts holding more than €10,000 in crypto assets in April of 2022.
The company had already barred Russian users in March from using its P2P (peer to peer) platform for buying and selling US dollars and euros. The company said it was forced to do so by Western sanctions on the Kremlin, noting that under the policy, individuals residing in Russia, regardless of nationality, would be unable to make transactions in dollars and euros.
At the same time, the exchange barred users in the EU from using the platform to make transfers in Russian rubles. If a user tried to make a transaction in rubles, the platform would prompt the user to choose a “local currency” for P2P.
Russians had been using P2P services on crypto exchanges as a stand-in for their bank cards, after SWIFT disconnected them from its system. According to RBK’s report, Binance is still restricting the use of P2P transactions in dollars and euros for Russians.