Local crypto media reports that Binance, the world’s biggest crypto exchange, has removed certain restrictions on its platform for Russian users. As per the reports, Russian users can now use their bank cards for making deposits, and Binance has lifted the balance limit, which was imposed to comply with European sanctions.
Russian Visa and Mastercard now accepted on Binance
Russian bank card holders can now deposit funds into Binance, the world’s leading cryptocurrency exchange, as per the Kod Durova news outlet. The report reveals that deposits can be made using not only Russia’s own Mir cards but also Visa and Mastercard issued by Russian banks.
To load Binance accounts, users can select the ‘bank card’ option on the Russian payment service Qiwi. The U.S. dollar is not now supported, however, other fiat currencies include the Turkish lira, British pound, Russian ruble, and euro.
Binance had temporarily halted transactions using Russian-issued cards in March 2022, following Moscow’s full-scale invasion of Ukraine in late February. This was in response to Visa and Mastercard suspending their operations in Russia as part of Western sanctions over the conflict.
Kod Durova stated that the conversion of rubles to cryptocurrency happens seamlessly, with no commission charges. Withdrawals to rubles are also possible within the limit range of 4,300 to 200,000 rubles (equivalent to almost $2,500).
Limit of €10,000 on Russian Accounts Lifted
According to Russian crypto media reports, Binance has removed the €10,000 ($11,000) limit on Russian accounts, which was imposed in April 2022 in line with the EU’s fifth package of sanctions. The removal of this limit means that ruble-to-cryptocurrency conversions, such as USDT, can occur without any commission, and ruble withdrawals are possible within certain limits.
Although no official announcement has been made, a Binance support agent confirmed the absence of the limit to RBC Crypto. The company has emphasized that its EU-registered entities cannot offer services to Russian individuals and organizations due to the restrictions imposed by the European Union.
Legal expert Andrey Tugarin has suggested that Binance may have moved its Russian users to an entity based in another jurisdiction, as the EU restrictions apply only within the European Union. Bits.media has cited a message from Binance’s support team, which stated that the card payment service is currently in test mode and not available to all users. However, the Qiwi Wallet is already available to the majority of Binance customers.
Experts recommend cold wallets for the safe storage of crypto assets
To keep funds safe in case of a blocked Binance account, it is best to withdraw them to a cold wallet, according to Brisov. Andrei Zavertiaev, a lawyer at the Association of Digital Economy and Blockchain Technologies, also recommended storing crypto assets in cold wallets as they are not affected by third parties.
Noskov claims that the Association of Banks of Russia (ABR) suggested criminal prosecution for cryptocurrency storage outside of exchanges. This concept was developed with the advice of the Ministry of Internal Affairs to equalize all participants of the crypto market as individuals obliged to pay taxes. The ABR believes that the criminal law approach will help the Bank of Russia and the Ministry of Finance to resolve contradictions in the regulation of cryptocurrencies
The removal of certain restrictions by Binance for Russian users is a positive development that allows for easier access to cryptocurrency trading on the platform using Russian bank cards. The acceptance of Russian Visa and Mastercard cards, as well as the seamless conversion of rubles to cryptocurrency with no commission charges, further enhances the user experience.
Ken Emmanuel is a Blockchain Content writer, a Web3 Enthusiast and a Social Media Management Strategist, he likes writing educative contents to help people gain more knowledge and get inspired. The growth of any organization he work with is always his priority. He is a Geographer by profession and loves reading.