Crypto News

Binance bans Russians from P2P transactions with dollars and euros – exchange

Cryptocurrency exchange Binance has introduced new restrictions on Russian users in line with the latest European sanctions. The platform restricts access to peer-to-peer (P2P) transactions in US dollars and euros for merchants based in the Russian Federation.

Binance bans US dollar and euro transactions for Russians on its P2P marketplace

The world’s largest crypto exchange Binance imposes restrictions on Russian traders for P2P transactions in US dollars and euros. They were introduced in accordance with the 10th round of EU sanctions against Russia announced on the first anniversary of the Ukraine war at the end of February, their officials explained in comments to Russian-language crypto-media.

The measures mean that Russian citizens, as well as foreigners residing in the Russian Federation, will no longer be able to buy and sell United States and Eurozone fiat currencies through Binance’s P2P service. At the same time, citizens of EU countries are not allowed to make transactions in Russian rubles.

To continue using Binance P2P, affected customers can choose other available fiat currencies, a spokesperson suggested, quoted by Forklog and RBC Crypto. When attempting to initiate transactions in dollars or euros, the platform will prompt users to select a local currency, in accordance with the Binance rules for the country specified when verifying their accounts.

Russian crypto enthusiasts turned to peer-to-peer crypto trading when leading payment processors Visa and Mastercard ceased operations in Russia in March 2022 and Western governments imposed restrictions on SWIFT transfers after Moscow invaded Ukraine on February 24.

In April last year, Binance restricted access to its services for Russia-connected users with assets of more than €10,000, as provided for in a previous European Union sanctions package. Earlier this month, EU member states agreed to ban the provision of “high value” crypto asset services to Russian businesses and citizens.

The new restrictions on Russians do not apply to buying and selling crypto assets using Russian rubles and other digital currencies, including stablecoins pegged to the dollar and the euro. Those who prefer to use fiat must either switch to other fiat currencies or use the services of other exchanges.

Amid an ongoing conflict, cryptocurrency exchanges have helped both Russians and Ukrainians circumvent currency restrictions imposed by their own governments. Last week, Binance and Ukraine-based exchange Kuna announced temporary suspensions of bank card payments in Ukrainian hryvnia.

Do you expect other crypto exchanges besides Binance to introduce similar restrictions on their Russian users? Tell us in the comment section below.

Binance bans Russians from P2P transactions with dollars and euros – exchange, Crypto Trading News

Lubomir Tasev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchen’s quote: “Being a writer is what I am, not what I do.” Besides Crypto, Blockchain and fintech, international politics and business are two other sources of inspiration.

photo credit: Shutterstock, Pixabay, Wiki Commons, Iryna Budanova /

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Source: Crypto News Deutsch

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