(Binance) Binance has announced a limit of services for nationals from Russia, natural persons residing in the country, or legal entities with crypto holdings of over 10,000 EUR.
Binance says the targeted accounts will need to complete a proof-of-address verification. The crypto exchange will place the accounts in a “withdrawal-only” mode, halting any deposits and trading.
The intended limits will cover sports futures, stake and earned deposits, and custody wallets. Binance says the affected users will be given 90 days to close all their derivative/futures positions, and they will not be able to open new ones.
Binance says accounts that have a total value of less than 10,000 will not be affected and shall remain active.
The new move by the world’s largest crypto exchange reflects the recently unveiled sanctions by the EU towards Russia. Other crypto exchanges and companies have, in the past, pulled out of the country, although Binance hesitated.
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