Binance, the world’s largest cryptocurrency exchange, has recently lifted certain restrictions on Russian users, allowing them to once again use their bank cards to make deposits. This move comes after a limit on their balances was introduced in compliance with European sanctions, following the invasion of Ukraine by Russia in late February 2022.
Russian Bank Cards Accepted by Binance
According to a report from Kod Durova, a Russian news outlet, holders of Russian bank cards can now deposit money to Binance using Visa and Mastercard issued by Russian banks. This is a significant development as Binance is the global leader among cryptocurrency exchanges.
The report shows that Binance accounts can be loaded through the Russian payment service, Qiwi, by selecting the ‘bank card’ option. Available fiat currencies include Russian ruble, British pound, Turkish lira, and euro. However, the U.S. dollar is not yet supported.
Binance Lifts €10,000 Limit on Russian Accounts
In addition to accepting bank cards again, Binance has reportedly removed the €10,000 ($11,000) limit on Russian accounts. The limit was imposed in compliance with the EU’s fifth package of sanctions in April 2022.
Although no official announcement has been made by Binance about the reported removal of the limit, a support agent confirmed its absence to RBC Crypto. However, Binance has stated that its EU-registered entities are prohibited from providing services to organizations established in Russia and Russian citizens, adding that all current restrictions related to sanctions against Russian citizens are applied by the platform and its legal entities in the European Union in full.
Possible Entity Transfer by Binance
According to a legal expert quoted by leading Russian crypto news outlet Bits.media, Binance may have transferred Russian users to an entity in a different jurisdiction as the EU restrictions would only apply to the European Union. However, Binance has not yet made any official statement on this matter.
Test Mode for Card Payments
Binance has also informed its users that the card payment service is implemented in test mode and is not yet available to all users of the platform. However, most Binance users can already transact with the Qiwi Wallet.
Binance’s decision to lift restrictions on Russian users is a positive development for the crypto community in Russia, as it allows more people to use the platform and trade cryptocurrencies. However, it remains to be seen how Binance will navigate the complex legal and regulatory landscape surrounding cryptocurrency in Russia and Europe.