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Binance imposes restrictions on Russian national entities: Russia Vs Ukraine

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Binance imposes restrictions on Russian national entities: Russia Vs Ukraine 4

Binance become the first crypto exchange to follow the imposed 5th round sanction introduced by the EU on Russia.

Today is the 57th day of the Russia vs Ukraine war but still, war is going on. In favor of Ukraine, many big powers like the UK, US, and EU impose financial and multiple trade sanctions on Russia, to slow down the war efforts from Russian powers on Ukraine. In the latest EU imposed the 5th round of sanction on Russia, which should be followed by all the companies.

On 21 April, the Binance exchange published its notification for all the Russian users to inform that Binance will follow the European Union’s recently imposed ban “on high-value crypto withdrawals. 

This new policy will restrict the withdrawal of crypto assets worth more than $10,885 withdrawal. This policy will be only applicable to all the crypto accounts holders of Russian nationals and persons and legal entities residing there with over €10,000. 

So all the Russian citizens, whether living inside or outside the country, will be free from this sanction, if they remain below £10,000 ( withdrawal mode). 

The exchange also noted that it will impact many Russian users but asserted that the exchange expects that other exchanges will also follow this rule to operate services in compliance. 

In the present time, Binance exchange is standing at first rank by 24 hours trade volume provider exchange in the industry and also it will be impact huge Russia based users with this new pilicy but here the decision by Exchange is purely a good decision in favor of future of the Binance exchange. 

Since last year, Binance is working to make its services highly compliance-based and globally licensed. 

However, IMF claimed that people may still use these provisions to facilitate funds to/from Russia easily but still such provisions are signs that the crypto industry has better potential and government agencies are continuously working on crypto-related activities.

Read also: Goldman Sachs will help Crypto exchange FTX to deal with regulatory issues

Binance imposes restrictions on Russian national entities: Russia Vs Ukraine

 

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