As per recent reports, Binance, the largest cryptocurrency exchange in the world, has lifted restrictions on crypto accounts of Russian nationals and entities exceeding €10,000 ($12,000). However, in response to this, the platform’s spokesperson has reiterated Binance’s commitment to international sanctions compliance.
Binance strictly adheres to global sanctions rules and applies restrictions on individuals, organizations, and countries blacklisted by the international community, including Russia. In a comment to Nebo Finance, the exchange stated, “All current restrictions related to sanctions against Russian nationals are applied by the platform and its legal entities in the European Union in full.”
ASIC Cancels Binance’s Derivatives License
The statement comes at a time when the Australian Securities and Investments Commission (ASIC) has revoked Binance’s derivatives license due to improper client classification. Binance entities registered in the EU are prohibited from offering services to legal entities in Russia and Russian nationals, except for those who are citizens or residents of the European Economic Area (EEA) or Switzerland.
Restrictions on Crimea, DPR, and LPR
In addition to the above, users from Crimea, the Donetsk People’s Republic (DPR), and the Luhansk People’s Republic (LPR) are denied access to the platform. The spokesperson has further confirmed that, in compliance with the tenth package of EU restrictive measures against Russia, Russian citizens and individuals residing in Russia, irrespective of nationality, cannot buy or sell USD and EUR on the Binance P2P platform.
Global Compliance Team of Over 750 People
Binance has a global compliance team of more than 750 people, with nearly half directly involved in sanctions control work. This includes on-chain monitoring, anti-money laundering, name screening, Know Your Business (KYB) onboarding, and Know Your Customer (KYC).
Binance has always prioritized regulatory compliance and adheres to international sanctions rules. The platform’s recent actions demonstrate its ongoing commitment to comply with global regulations and ensure a secure trading environment for its users. Despite the recent lift on restrictions, Russian nationals and entities must comply with all applicable sanctions while using Binance’s services.