Users can once again make deposits at Binance using bank cards issued in the country, according to reports
Leading global cryptocurrency exchange Binance has removed some of the restrictions it imposed on Russian users last year as part of Ukraine-related sanctions, crypto news website Forklog reported.
According to the outlet, users can once again deposit Russian rubles, euros, pounds and other currencies to the platform from bank cards issued in Russia. Additionally, the exchange appears to have removed previous limits for Russian-linked accounts with balances above €10,000 ($11,000).
Support services for Binance, which is the world’s largest cryptocurrency exchange by trading volume, reportedly confirmed to an authorized user that trading with Russian bank cards is once again available.
However, when contacted by an unauthorized user, representatives of the platform reportedly stated that deposits using bank cards issued in Russia are not supported. They also stated that Binance legal entities registered in the EU “are prohibited from providing services… to legal persons established in Russia”, in accordance with the sanctions imposed by the block.
Contacted by CoinDesk, a Binance spokesperson declined to confirm or deny that the restrictions had been lifted. However, he said that “all current restrictions related to sanctions against Russian nationals are fully enforced by the platform and its legal entities in the European Union.The spokesperson added that a recently introduced ban on peer-to-peer (p2p) transactions in dollars and euros for Russian citizens and residents remains in place.
Leading Crypto Exchange Bans Dollar And Euro Transfers From Russia
Binance stopped supporting deposits for Russian-issued Visa and Mastercard cards in March 2022, shortly after the start of the Russian military operation in Ukraine. Under sanctions imposed by the West, most Russian banks have been cut off from the SWIFT international interbank messaging system, while Visa and Mastercard have both suspended operations in the country. However, previously issued bank cards can still be used in Russia and are managed by the national payment card system.
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