On Saturday, several media outlets, citing user complaints, are reporting that Binance, the largest cryptocurrency exchange by trading volume in the world, is now forbidding Russia-based users from trading in currencies other than the ruble through its P2P (peer-to-peer) platform.
According to reports, Russian members of gaming communities who were barred from purchasing Turkish lira, and who were as a result unable to purchase games on Turkish Steam, Xbox, and Playstation accounts, were the first to notice the change.
The users reported that when they tried to purchase any foreign currency, they were served a message which read, “choose a local currency for p2p trading.” They reported that the message noted that the requirement was “in accordance with Binance’s operating rules for the country [they] specified during verification.”
The reports said the messages were first seen in August 26th. The reports went on to note that the messages were only served to users who has passed Binance’s ‘know your customer’ (KYC) verification in Russia. Meanwhile users who reported that they had not passed Binance’s KYC verification in Russia reported that they were unable to make transactions in rubles.
Frank Media news outlet asked Binance for comment on the development, and received a reply saying, “We regularly update our systems to ensure compliance with local and global regulatory standards. In line with our ongoing commitment, starting today, KYC Russia verified users can only trade using RUB, other fiat currencies are not available to you on Binance P2P.”
Amid the imposition of Western sanctions on Russia following the beginning of the war in Ukraine, in March of 2022, Binance ceased supporting deposits from Visa and Mastercard credit cards which had been issued in Russia.
In March of this year, Russian users of Binance were subjected to additional restrictions, which prevented them from selling and buying US dollars and euros using the P2P platform. Subsequently, users based in the EU were prevented from making transfers in Russian rubles on the platform. The exchange also placed limitations on accounts held by Russian users which had crypto assets worth in excess of €10,000 ($11,000).
According to reports, these restrictions were lifted in April, allowing Russian users to again deposit rubles, euros, British pounds, and other currencies from bank cards issued in Russia.