Cryptocurrency exchange service Binance has announced that it will deactivate user accounts in Russia amid Moscow’s war with Ukraine.
In a statement on Thursday, the company said Russian residents and Russian companies that hold crypto assets worth over 10,000 euros will be banned from making any deposits and trading within their accounts.
“Accounts that classify under this restriction will be put into withdrawal-only mode. No deposits or trading will be permitted on these accounts. The limit also covers all spot, futures, custody wallets, and staked and earned deposits,” Binance said in a statement.
“In addition, all deposits to accounts for Russian nationals or natural persons residing in Russia, or legal entities established in Russia with over 10,000 EUR will be restricted.”
The exchange service also said that Russian residents and businesses who have accounts below the 10,000 euro threshold will remain unaffected and active, according to the statement.
Binance said Russian residents and businesses with Futures/Derivatives positions and with crypto balances that exceed 10,000 euros will be given at least 90 days to close out their positions, noting that no new positions will be allowed.
“While these measures are potentially restrictive to normal Russian citizens, Binance must continue to lead the industry in implementing these sanctions. We believe all other major exchanges must follow the same rules soon,” the company said in a statement. “Thank you for your understanding.”
Binance follows other companies and services in the recent months that have closed their business in Russia in response to its invasion of Ukraine.