Binance imposes fiat restrictions for Russian P2P traders in compliance with EU sanctions.
The platform is restricting access to peer-to-peer transactions in U.S. dollars and euros for traders based in the Russian Federation.The world’s largest crypto exchange, Binance, is imposing restrictions on P2P transactions in U.S. dollars and euros for Russian traders. They have been introduced in compliance with the 10th round of EU sanctions on Russiaon the first anniversary of the Ukraine war in late February, its representatives explained in comments for Russian-language crypto media.
The measures mean that Russian citizens, as well as foreign nationals residing in the Russian Federation, will no longer be able to buy and sell the fiat currencies of the United States and the Eurozone through Binance’s P2P service. At the same time, citizens of EU countries will not be allowed to transact in Russian rubles.
To continue using Binance P2P, the affected customers can choose other available fiat currencies, a spokesperson suggested, quoted by Forklog and RBC Crypto. When trying to initiate transactions in dollars or euros, the platform prompts users to select a local currency, in accordance with the Binance rules for the country specified during the verification of their accounts.
Russian crypto enthusiasts turned to peer-to-peer crypto trading when leading payment processors Visa and Mastercard operations in Russia in March 2022 and Western governments imposed restrictions on SWIFT transfers following Moscow’s invasion of Ukraine on Feb. 24.
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