Binance Bans Russians From P2P Transactions With Dollars and Euros

Binance Bans Russians From P2P Transactions With Dollars and Euros – According to representatives speaking to Russian-language crypto media, Binance, the biggest cryptocurrency exchange in the world, is implementing limitations on peer-to-peer transactions involving U.S. dollars and euros for Russian traders.

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These measures have been put in place to adhere to the 10th round of EU sanctions on Russia that were announced in late February, coinciding with the first anniversary of the Ukraine conflict. As a result of these measures, individuals who are either Russian citizens or foreign nationals residing in the country will be unable to engage in the buying and selling of the United States’ and Eurozone’s fiat currencies via Binance’s P2P service.

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Furthermore, citizens from European Union member countries will not have permission to carry out transactions using Russian rubles. According to a spokesperson quoted by Forklog and RBC Crypto, affected customers who wish to keep using Binance P2P can select from other fiat currencies that are currently available.

If users attempt to initiate transactions using dollars or euros, the platform will prompt them to choose a local currency, based on Binance’s regulations for the country specified during their account verification process. Following the suspension of operations by payment processors Visa and Mastercard in Russia in March 2022 and the implementation of SWIFT transfer restrictions by Western governments after Moscow’s invasion of Ukraine on February 24, Russian crypto enthusiasts resorted to peer-to-peer crypto trading.

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In April of the previous year, Binance placed restrictions on users with assets exceeding €10,000 that were linked to Russia, in line with a prior set of sanctions imposed by the European Union. EU member states had also agreed to prohibit the provision of “high-value” crypto asset services to Russian businesses and citizens earlier that month.

The recently imposed limitations on Russians do not affect the buying and selling of digital assets using Russian rubles, as well as other cryptocurrencies like stablecoins tied to the euro or the dollar. However, individuals who opt to utilize fiat currencies will either need to change to a different fiat currency or seek out other exchange services.

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In the midst of the continuing disagreement, cryptocurrency exchanges have been assisting both Russians and Ukrainians in bypassing currency limitations enforced by their respective governments. Binance and Ukraine-based exchange Kuna declared a temporary halt on bank card payments using Ukrainian hryvnia last week.

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