Latest Crypto Developments: Binance Adds Fiat Currency Restrictions for Russian Users

Binance P2P Restrictions for Russian Customers

Cryptocurrency exchange Binance has implemented further restrictions on its peer-to-peer (P2P) trading platform for Russian customers. Binance P2P has prohibited Russian residents from using crypto currencies other than the Russian ruble, as stated on its Telegram channel on Aug. 27.

Moreover, Binance’s Russian clients living outside the country have been barred from using fiat currencies such as the ruble, the euro, the US dollar and the Ukrainian hryvnia on the P2P platform. In order to use the Russian ruble on Binance P2P, users must have Russian Know Your Customer (KYC) verification and be residing in Russia.

Crypto Latest: Binance Announces Restrictions for Russian Users

Binance recently announced restrictions on its P2P service for Russian users, causing some attention and discussion on the platform’s Russian Telegram group. The announcement stated that the new restrictions were mainly affecting Russian users who reside in other countries and need to convert their rubles from Russian banks to other currencies using Binance’s P2P service.

For example, one alleged Binance P2P user experienced difficulties in buying Tether (USDT) with rubles from the sanctioned Russian Tinkoff Bank. “My account is verified abroad,” the alleged user said, adding that she needed to transfer her Russian pay to Switzerland.

The new restrictions have been met with a variety of reactions from crypto live streamers and crypto YouTube channels. One Telegram user commented that if the user is in Switzerland, they should be taking their pay in francs. Another alleged Binance P2P user also faced issues in transferring rubles to Kazakhstan.

At the time of writing, the announcement has received nearly 700 user comments from the Russian Telegram group. Binance has stated that if users have any questions or need assistance regarding this update, they should contact Binance Customer Support.

Binance Restrictions on Russian Citizens

“I have been using Binance for a year now to transfer money from the Russian Federation, by buying USDT for rubles and selling them for the Kazakh tenge. But after Aug. 25, I became unable to proceed with such transactions,” wrote a person in a chat with Binance customer support.

Addressing the complaint, a Binance customer support manager noted that users need to meet all three requirements in order to use RUB on Binance, including providing the Russian KYC, the Russian nationality and the Russian proof of address.

Binance didn’t mention whether the latest restrictions for Russian citizens are related to the Western sanctions or new fiat currency restrictions taken by the Russian government amid the fall of the ruble. According to local reports, banks have been introducing massive restrictions on fiat deposits and transfers, including 50% fees on USD transactions, amid the crypto live market crashing through 100 RUB vs USD in mid-August.

Binance Restrictions Targeting Russian Users

Binance has recently implemented a series of restrictions targeting Russian users, including taking away the ability to use certain sanctioned Russian banks on its P2P platform. When contacted by Cointelegraph, Binance did not immediately respond.

The latest restrictions follow Binance’s promotion of its services on vDud, a popular Russian YouTube channel run by Yuri Dud. This comes shortly after the removal of banks like Tinkoff and Rosban from the list of available payments on its P2P platform.

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