According to a new report on crypto news website Forklog, Binance, the leading global cryptocurrency exchange is rolling back some of the restrictions it imposed on users in Russia last year, amid the push for sanctions over the war in Ukraine.
The outlet is reporting that users are now once again able to deposit Russian rubles, euros, British pounds, and other currencies onto the platform’s systems from bank cards issued in Russia. In addition, previous limits on Russia-linked accounts with balances larger than €10,000 ($11,000) have also been lifted.
According to the report, technical support at Binance confirmed to an authorized user that Russian bank cards can once again be used for transactions on the platform
However the report noted that the exchange, which is the world’s largest cryptocurrency exchange by trading volume, informed an unauthorized user that deposits using bank cards issued in Russia were not supported. The unauthorized user was also informed that Binance legal entities registered in the EU, in accordance with sanctions imposed by the bloc, “are prohibited to provide services… to legal entities established in Russia.”
When contacted officially by CoinDesk, a Binance spokesperson declined to confirm or deny whether the restrictions were still in effect. He did state, however, that “all current restrictions related to sanctions against Russian nationals are applied by the platform and its legal entities in the European Union in full.” He added specifically that peer-to-peer (p2p) trades in dollars and euros, which had recently been banned for residents in Russia, continue to not be allowed on the platform for users residing in Russia.
In March of 2022, shortly after Russia began its invasion of Ukraine, Binance stopped supporting deposits made using Visa and Mastercard cards issued in Russia. Following the beginning of the invasion, Russian banks were cut off from the SWIFT instant financial messaging system as part of Western sanctions imposed on the country. Meanwhile, both Visa and Mastercard suspended their operations in the country. However bank cards which had been previously issued within the country were serviced by Russia’s National Payment Cards System, and continue to remain operational.