Binance, the largest crypto exchange by trading volumes, said on Thursday it is limiting services for Russian nationals that have crypto assets exceeding EUR 10,000 (roughly Rs. 8,31,500), in light of European Union’s (EU) latest sanctions against Russia.

Earlier this month, the EU in its fifth package of sanctions against Moscow, had targeted crypto wallets, banks, currencies and trusts to close potential loopholes that could allow Russians to move money abroad.

Russian nationals or legal entities in Russia who have crypto account balances that exceed EUR 10,000 will be given 90 days to close their positions, Binance said.

The exchange also said accounts affected by EU’s restrictions will be put into a withdrawal-only mode and no deposits or trading will be permitted.

The announcement comes after Binance said last month cardholders of sanctioned Russian banks would not be able to use them on their platform and confirmed that sanctioned individuals have had their access restricted.

© Thomson Reuters 2022

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