On Monday, citing sources within the company, the Wall Street Journal reported that Binance, the largest cryptocurrency exchange in the world by trading volume, is contemplating a complete withdrawal from the Russian market.

The exit is being examined in response to regulatory challenges which the exchange is facing within the nation.

Without providing any further details, a company spokesperson said to the US news outlet, “All options are on the table, including a full exit.”

The news comes on the heels of reports that Binance has restricted Russian users to only being able to trade on the P2P (peer-to-peer) platform in fiat currency in rubles alone. The option is only allowed among local users who have undergone the platform’s ‘know your customer’ (KYC) verification.

In addition, Russian users who reside in other countries are barred from trading in the ruble, euro, US dollar, and Ukrainian hryvnia on the P2P platform. Also, rubles are no longer offered as an option to non-Russian users.

As a result of Ukraine-related sanctions imposed on Russia by the West, Binance had already ceased supporting deposits from Visa and Mastercard cards issued in Russia in March of 2022.

Earlier this year, in March, Binance had placed additional restrictions on Russian users which forbid them from buying and selling US dollars and euros using P2P. The exchange went on to bar EU-based users from using the platform to make transfers in Russian rubles, and limited Russian accounts with more than €10,000 ($11,000) in crypto assets.

Those restrictions were reportedly lifted in April, and Russian users again were allowed to deposit rubles, euros, British pounds, and other currencies, using bank cards issued in Russia.