February 6, 2023

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Binance To Impose Limits On Russian Crypto Traders Amongst New US Sanctions

Recently, the EU introduced the fifth package of restrictive measures against Russia. Shortly after the...

Recently, the EU introduced the fifth package of restrictive measures against Russia. Shortly after the announcement of the new sanctions, Binance announced that it was introducing restrictions on Russian traders.

Details of the Restrictions

According to Binance’s new rules, all Russian traders with over 10,000 EUR on the platform will face certain restrictions. These accounts will be restricted from making deposits on the platform. According to Binance, those with such accounts have 90 days to close their trading positions.

Binance has only imposed restrictions on accounts that hold over 10,000 EUR. According to the platform, Russians living outside Russia with a verified address can continue to operate as normal. Additionally, anyone or any legal entity living in Russia that remains below the total value of 10,000 EUR is not subject to these restrictions.

Binance is not the only platform that has imposed restrictions on Russians. Since the special military operation in Ukraine by Russia began, many online platforms in the crypto world have placed restrictions on Russians. For instance, almost all Russian traders on Coinbase face restrictions after the platform announced a ban on 25,000 Russian-linked crypto addresses. Besides exchange, financial services firms such as Visa, and PayPal have halted all operations in the country. In general, many companies have opted to leave Russia and Belarus following the breakout of conflict.

The US imposes New Sanctions

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Besides the EU, the US has also announced new sanctions targeted at Russians. The US sanctions targeted a bank and a global network of entities and individuals accused of evading US sanctions. Additionally, US authorities imposed sanctions on a mining company based in Russia.

The bank targeted in the sanctions is Transkapitalbank, a commercial bank based in Moscow. Bitriver was the crypto mining firm targeted in the sanctions, while Konstantin Malofeyev, described as an oligarch by the US was the individual targeted, along with 40 others. According to the US, Malofeyev has been funding separatists in Eastern Ukraine. The US Treasury also accused him of being the main financier of separatist fervor in Crimea.

According to the US, Russia is monetizing its natural resources via Bitcoin mining. It stated that it intended to block the sale of computer equipment and fiat payments used to facilitate such operations. The US also announced it was imposing travel restrictions on 635 Russians, which includes three Russian officials for violating human rights.

In general, it would appear that the US and the EU have been quite successful at imposing sanctions on Russia when it comes to crypto trading. However, these sanctions appear to be targeted at major players in the conflict, and not at ordinary Russians seeking to get lucky by trading crypto on exchanges.

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Source: visionary-finance.com