Crypto exchange Binance reduces its services in Russia

World's largest cryptocurrency exchange is deactivating the accounts of major clients in Russia.

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The reduce of Binance's services in Russia comes with the deactivating of accounts of its major clients. This is done in order to line up with European Union sanctions, it said.

Binance informed Russian users and people who live in the country, as well as companies based in the country, that accounts that hold crypto worth over 10,000 Euros will be banned from making new deposits or trading.

Affected clients will be able to withdraw funds, it said.

Accounts for Russian users that have completed address checks and hold crypto worth less than 10,000 Euros will remain active, Binance added.

Binance, along with Coinbase Global Inc and Kraken, had rejected previous calls from Kyiv for a total ban on Russian users after the Russian invasion of Ukraine.

Binance said in March it would not "unilaterally freeze millions of innocent users' accounts", but that it would ensure compliance with sanctions.

It also said last month that cardholders of Russian banks that are subject to sanctions will not be able to use their cards on Binance.


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