• Binance has responded to reports that it had removed restrictions on crypto accounts held by Russian nationals and entities exceeding €10,000 ($12,000).
• The exchange confirmed that they are following sanctions imposed on Russia by the international community and have restrictions in place for users from Crimea, Donetsk People’s Republic (DPR), and Luhansk People’s Republic (LPR).
• Furthermore, Russian citizens and individuals residing in Russia are prohibited from buying or selling USD and EUR on the Binance P2P platform.
Binance Responds to Reports of Removing Restrictions
In response to recent reports that Binance has removed restrictions on crypto accounts held by Russian nationals and entities exceeding €10,000 ($12,000), a spokesperson for the world’s largest cryptocurrency exchange has reiterated the platform’s commitment to international sanctions compliance.
Binance Follows International Sanctions Against Russia
Binance follows global sanctions rules, enforcing restrictions on individuals, organizations, and countries blacklisted by the international community, including Russia. All current restrictions related to sanctions against Russian nationals are applied by the platform and its legal entities in the European Union in full. Additionally, users from Crimea, the Donetsk People’s Republic (DPR), and the Luhansk People’s Republic (LPR) are denied access to Binance services.
Restrictions Applied for Transactions Involving USD & EUR
In compliance with EU restrictive measures against Russia, Russian citizens and individuals residing in Russia are prohibited from buying or selling USD or EUR on the Binance P2P platform.
Anti-Money Laundering Compliance Team at Binance
To ensure adherence to applicable laws around anti-money laundering regulations globally, Binance employs a global compliance team of over 750 people – nearly half of which is directly involved in sanctions control work that includes anti-money laundering name screening procedures such as Know Your Customer (KYC) onboarding processes as well as Know Your Business (KYB) and on-chain monitoring activities.
Regulatory Action Taken Against Binance
The Australian Securities & Investments Commission (ASIC) recently cancelled Biance’s derivatives license due to improper client classification issues. As previously mentioned however this does not affect their commitment towards international sanctions compliance.