September 22, 2023

Binance Restricts Russians from P2P Transactions with USD, EUR

•Binance has introduced new restrictions for Russian users, in accordance with the latest European sanctions.
•The platform is restricting access to peer-to-peer (P2P) transactions in U.S. dollars and euros for traders based in the Russian Federation.
•The new restrictions for Russians do not apply to purchases and sales of crypto assets with Russian rubles and other digital currencies, including stablecoins pegged to the dollar and the euro.

Binance Restricts P2P Transactions With US Dollars & Euros For Russians

Binance, one of the world’s largest cryptocurrency exchanges, has implemented new restrictions for its Russian users in accordance with recent European sanctions. The exchange is now prohibiting peer-to-peer (P2P) transactions involving U.S. dollars and euros for traders based in Russia.

Why Did Binance Make This Change?

This restriction was imposed due to a 10th round of EU sanctions on Russia which were announced on the first anniversary of the Ukraine war in late February this year. As a result, citizens within Russia – as well as foreign nationals residing there – will no longer be able to buy or sell these fiat currencies via Binance’s P2P service. Similarly, EU citizens will not be able to transact using rubles through Binance either.

What Are The Alternatives?

In order to continue using Binance P2P services, affected customers can choose from other available fiat currencies instead or use other exchanges that allow trading with USD or EUR. Crypto enthusiasts turned to peer-to-peer crypto trading when Visa and Mastercard suspended operations in Russia last March as Western governments implemented restrictions on SWIFT transfers following Moscow’s invasion of Ukraine earlier that year.

Previous Sanctions On Binance Services In April 2020

Before this announcement, back in April 2020 EU member states had agreed to ban the provision of high value crypto asset services to Russian businesses and citizens – resulting in Binance limiting access to its services for such users with assets exceeding €10,000 at that time .

What Crypto Assets Are Available To Russians?

Despite these changes though, Russians are still allowed to purchase or sell crypto assets using their local currency (Russian rubles) or any other digital currency including stablecoins pegged against USD or EURO respectively .