Security News > 2022 > April > Binance tells Russian users with over €10k to withdraw everything
Binance has announced some significant changes in its services for Russia-based users, which mark the company's effort to align with European Union's fifth wave of sanctions against Russia.
According to the announcement, all Binance accounts of Russian nationals, persons residing in the country, or entities established there, having a balance of over €10,000, will only be able to withdraw funds.
The deadline for withdrawing the cryptocurrency from Binance is 90 days, and then the accounts will be closed automatically without the possibility of any interaction with the platform.
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 company said in the announcement.
Russian nationals with under €10k in their balance and who reside outside the sanctioned country remain unaffected, provided they have verified their accounts with proof of address.
While these measures are potentially restrictive to normal Russian citizens, Binance must continue to lead the industry in implementing these sanctions.