Binance Implements Restrictions on Russian Customers on its P2P Platform
Summary:
Binance P2P, the peer-to-peer trading platform of cryptocurrency exchange Binance, has imposed restrictions on its Russian customers. Russian residents can now only use the Russian ruble (RUB) for trading on the platform, excluding other fiat currencies. Users must meet specific requirements, including Russian KYC verification and proof of residence in Russia. The reasons behind these restrictions remain unclear. This follows Binance's recent removal of sanctioned Russian banks from its P2P platform.
Binance P2P, the peer-to-peer trading platform of cryptocurrency exchange Binance, has implemented additional restrictions for its Russian customers. According to an announcement on Binance's Telegram channel, Russian residents are now only allowed to use the Russian ruble (RUB) on the platform, excluding other fiat currencies like the euro (EUR), the U.S. dollar (USD), and the Ukrainian hryvnia (UAH). The exchange specified that users must have Russian Know-Your-Customer (KYC) verification and be residing in Russia to use RUB on Binance P2P. This update has caused concern among Binance's Russian users, with the Telegram post garnering around 700 comments so far. Many comments indicate that Russians living abroad have been particularly affected by the new restrictions, as they need to convert RUB from Russian banks to other currencies using Binance's P2P service. Binance customer support responded to one user's complaint by explaining that three requirements must be met for using RUB on the platform: Russian KYC, Russian nationality, and proof of address in Russia. The reason behind these latest restrictions remains unclear, with no mention of whether they are in response to Western sanctions or new fiat currency restrictions imposed by the Russian government amid the fall of the ruble. Reports from local sources suggest that banks in Russia have recently implemented stringent restrictions on fiat deposits and transfers, including 50% fees on USD transactions, due to the significant devaluation of the ruble. Binance has not provided a comment regarding these restrictions at the time of writing. This move follows Binance's earlier decision to remove sanctioned Russian banks, such as Tinkoff and Rosban, from the list of available payment options on its P2P platform.
Published At
8/28/2023 12:45:34 PM
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