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Binance claims to comply with sanctions against Russia

crypto news Kremlin side view open space blurry background day light low poly style

crypto news Kremlin side view open space blurry background day light low poly style

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 global sanctions rules, enforcing restrictions on individuals, organizations, and countries blacklisted by the international community, including Russia, said the exchange in a comment to crypto.news:

“All current restrictions related to sanctions against Russian nationals are applied by the platform and its legal entities in the European Union in full.”

Binance statement

This statement comes as the Australian Securities and Investments Commission (ASIC) cancels Binance’s derivatives license, citing improper client classification.

Binance entities registered within the EU are prohibited from providing services to legal entities in Russia and Russian nationals, except for those who are citizens or residents of the European Economic Area (EEA) or Switzerland.

Furthermore, users from Crimea, the Donetsk People’s Republic (DPR), and the Luhansk People’s Republic (LPR) are denied access to the platform. The spokesperson also confirmed that, in compliance with the tenth package of EU restrictive measures against Russia, Russian citizens and individuals residing in Russia, regardless of nationality, are prohibited from buying and selling USD and EUR on the Binance P2P platform.

Binance employs a global compliance team of over 750 people, nearly half directly involved in sanctions control work. This includes anti-money laundering, name screening, Know Your Customer (KYC), Know Your Business (KYB) onboarding, and on-chain monitoring.

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