Russians Are Prohibited From P2P Transactions That Use Dollars and Euros by Binance

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Last Updated on March 11, 2023 by Bitfinsider

Russian traders who use Binance, the biggest cryptocurrency exchange in the world, are subject to limitations on P2P transfers made in dollars and euros. According to their representatives, they have been implemented in accordance with the 10th round of EU sanctions against Russia that were revealed on the first anniversary of the Ukraine War in late February.

Due to the new regulations, neither Russian citizens nor foreigners who are residents of the Russian Federation will be able to use Binance’s P2P service to purchase or sell fiat money from the US or the EU. At the same time, EU nationals won’t be able to exchange money for rubles in Russia.

A spokesperson was cited by Forklog and RBC Crypto as saying that the impacted customers could select other readily accessible fiat currencies to continue using Binance P2P. The platform prompts users to choose a local currency when attempting to start transactions in dollars or euros in accordance with the Binance rules for the nation stated during the verification of their accounts.

When major payment processors Visa and Mastercard halted operations in Russia in March 2022 and Western governments placed limits on SWIFT transfers in response to Moscow’s invasion of Ukraine on February 24, Russian cryptocurrency enthusiasts turned to peer-to-peer trading.

According to a previous set of sanctions enacted by the European Union, Binance restricted access to its services for users with ties to Russia and assets greater than €10,000 in April of last year. EU members decided to forbid offering “high-value” crypto asset services to Russian companies and residents earlier that month.

Russian rubles and other digital currencies, such as Stablecoins pegged to the dollar and the euro, can be used to buy and sell cryptocurrency assets without being subject to the new limitations for Russian citizens. Those who favor using fiat money will have to either move to another fiat currency or use other exchanges’ services.

Cryptocurrency exchanges have been assisting both Russians and Ukrainians to get around currency restrictions put in place by their own governments during an ongoing war. Bank card purchases in Ukrainian hryvnia were temporarily suspended last week, according to Binance and the Ukrainian exchange Kuna.

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