Fun

Binance Bans Russians From P2P Transactions With Dollars and Euros

News Feed - 2023-03-11 06:03:22

Binance Bans Russians From P2P Transactions With Dollars and Euros


Cryptocurrency exchange 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. Binance Prohibits US Dollar and Euro Transactions for Russians on Its P2P Market


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 Russia announced on 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 suspended operations in Russia in March 2022 and Western governments imposed restrictions on SWIFT transfers following Moscow’s invasion of Ukraine on Feb. 24.


In April, last year, Binance limited access to its services for Russia-linked users with assets exceeding €10,000, as per a previous package of sanctions adopted by the European Union. Earlier that month, EU member states agreed to ban the provision of “high-value” crypto asset services to Russian businesses and citizens.


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. Those who prefer to use fiat will have to either switch to other fiat currencies or use the services of other exchanges.


Amid an ongoing conflict, cryptocurrency exchanges have been helping both Russians and Ukrainians to also circumvent currency restrictions imposed by their own governments. Last week, Binance and Ukraine-based exchange Kuna announced temporary suspensions of payments with bank cards in Ukrainian hryvnia. Tags in this story Binance, Crypto, crypto assets, crypto exchange, crypto traders, Cryptocurrencies, Cryptocurrency, Dollar, EU, Euro, Exchange, Fiat, fiat currencies, restrictions, Russia, russian, Russian users, russians, Sanctions, Traders, transactions


Do you expect other crypto exchanges, besides Binance, to introduce similar restrictions for their Russian users? Tell us in the comments section below. Lubomir Tassev


Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. Kazakhstan Shuts Down Crypto Exchange That Transferred $34 Million Through Binance EXCHANGES | 4 mins ago Crypto Exchanges Binance and Kuna Suspend Card Transactions in Ukrainian Hryvnia EXCHANGES | 6 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons, Iryna Budanova / Shutterstock.com Previous articleBitcoin Price Outlook for March Next articleKazakhstan Shuts Down Crypto Exchange That Transferred $34 Million Through Binance Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year


The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.Tony Hawk"s Latest NFTs to Come With Signed Physical Skateboards Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Iran to Increase Penalties for Unauthorized Cryptocurrency Mining

News Feed

South African Regulator ‘Welcomes’ Binance’s Decision to Terminate Certain Services in the Country
South African Regulator "Welcomes" Binance"s Decision to Terminate Certain Services in the Country A South African regulator, the Financial Sector Conduct Authority (FSCA), says it
Bank of England Deputy Governor: FTX Collapse Highlights Urgent Need for Tighter Crypto Regulation
Bank of England Deputy Governor: FTX Collapse Highlights Urgent Need for Tighter Crypto Regulation Bank of England’s deputy governor for financial stability, Sir Jon Cunliffe
Apple Well Positioned to Offer Crypto Trading — Analyst Says Company Should Hold Bitcoin in Treasury
Apple Well Positioned to Offer Crypto Trading — Analyst Says Company Should Hold Bitcoin in Treasury Apple Inc. is well positioned to offer cryptocurrency trad
Ezra Reguerra11 hours agoEthereum TPS boost? Starknet ‘Quantum Leap’ goes liveUri Kolodny, the co-founder and CEO of StarkWare, said that Starknet’s latest Quantum Leap upgrade makes high TPS a reality on the Ether
Bitcoin miners are treading water, but no alarms of a 'total firesale'
Ciaran Lyons3 hours agoBitcoin miners are treading water, but no alarms of a "total firesale"Bitcoin miners are not “full-scale bear market level capitulating,” according to a crypto analyst.1699 Total views21 Total
Bitcoin Could Reclaim Its Peak, Hit $20,000 by Year-End: Novogratz
Some in the crypto community were left wondering if Michael Novogratz was still bullish on bitcoin after he recently took some bitcoin profits and kicked himself for not taking more. Being the astute trader that he is, N
Boomers hold the key to wealth, even in cryptocurrency
Robert Quartly-Janeiro8 hours agoBoomers hold the key to wealth, even in cryptocurrencyBaby boomers hold $68 trillion in assets in the United States alone. Will that cash continue trickling into cryptocurrency markets fo
Savannah Fortis10 hours agoFTX failure reveals flaws in multifunction crypto-asset intermediaries — FSBThe Financial Stability Board suggested the crypto industry might still require additional regulatory measures to p
Queen of Pop Becomes a Metaverse Material Girl — Madonna Buys Bored Ape for $564K
Queen of Pop Becomes a Metaverse Material Girl — Madonna Buys Bored Ape for $564K The ‘Queen of Pop,’ Madonna has revealed she has “entered the metaverse
Bitcoin’s Largest Holders Are Stacking Again — What It Means For The Market
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Report Claims Visa and Mastercard Plan to Pause New Partnerships, Visa’s Head of Crypto Insists ‘Story Is Inaccurate’
Report Claims Visa and Mastercard Plan to Pause New Partnerships, Visa"s Head of Crypto Insists "Story Is Inaccurate" According to a recent report from sources familiar with the ma
Bitcoin drops $4.3K as CPI data comes in hotter than expected
Nancy Lubale1 hour agoBitcoin drops $4.3K as CPI data comes in hotter than expectedMarkets reacted to stubbornly high inflation in the United States and its potential impact on the Fed’s interest-rate plans.1325 Total