Cryptocurrency exchange Binance refuses to stop servicing customers from Russia

Representatives of the largest cryptocurrency exchange Binance said that the platform is not preparing any additional restrictions on Russian users, and their services will not be suspended for the time being. This information came after the European Union announced its intention to tighten restrictions on cryptocurrency transactions for Russians, which is how Europe will respond to the «fictitious» referendums in the occupied territories of Ukraine. A similar position is taken with regard to Russian users in the United States, where government officials supported the Russia Cryptocurrency Transparency Act. After its final passage by the Senate, Russia will not be able to defend itself against sanctions by using cryptocurrencies.

Despite the refusal to extend the ban on Russians, since the beginning of the war, Binance has been adhering to the sanctions regime against Russian citizens, who are subject to a transaction limit of up to 10,000 euros. Also, according to the exchange’s representatives, Binance fights against money laundering on the platform and ensures maximum transparency so that every user of the platform is identified.

It is worth noting that Binance has repeatedly demonstrated support for Ukraine and condemnation of Russian military aggression. In early September, the exchange froze the wallet of Russian Vladislav Lobaev, who had collected $ 21,700 in cryptocurrency to finance the Russian army. A similar situation occurred in July, when Binance blocked the account of a user who was raising money for equipment for the Rusych State Special Forces Group fighting against Ukraine.

Since the beginning of Russia’s full-scale war in Ukraine, Binance has been supporting Ukraine in a significant way, including financially. In June, the crypto exchange allocated $ 1.2 million for financial assistance to internally displaced persons. And more than 100 thousand Ukrainian refugees have ordered a Binance cryptocurrency card.