Binance has announced that Russian investors with more than 10,000 EUR must complete proof-of-address verification following the EU’s fifth package of sanctions.
The accounts in the category will be set to withdrawal-only mode and will receive no deposits, and no trading will be permitted for them. The directive covers spot, futures, custody wallets, and staked and earned deposits.
Russian nationals living outside Russia as per their proof of address or legal entities based in the country with less than 10,000 EUR will reportedly not be affected.
Individuals and legal entities in Russia with open Futures or derivatives with cryptocurrency balances of more than 10,000 EUR have 90 days to wind up their positions.
The largest cryptocurrency exchange by trading volumes has asked industry players to follow suit in taking similar steps. The announcement followed attempts by Russian financial agencies to use cryptocurrencies to evade sanctions.