BINANACE — Considering  Complete Withdrawal  From Russia…

According to an article published in the Wall Street Journal Binance world’s largest cryptocurrency exchange is considering complete withdrawal from the Russian market. What may have triggered this withdrawal has been speculated to be regulatory challenges it has been faced up with.

Giving details to the media a spokesperson for the company has said all options are available to them including a full complete withdrawal.

For binance uses in Russia it has introduced a rule where Russian users are only allowed to trade on peer to peer (p2p) platforms in their very own currency Rubel. The option is restricted to local users who have passed Binance’s ‘know your customer’ (KYC) verification. 

Within the new rules it has also banned  Russians residing outside of Russia trading in with currencies such as Ruble, euros, US dollar, and Ukrainian hryvnia on the P2P exchange. The non-Russian users were not allowed to use Ruble either.

In March of 2022 it  banned deposits made by Master and Visa cards being issued within Russia. These rules and regulations are being triggered as a direct result of economic sanctions being imposed on Russia by western lead Nations due to the Ukraine war.

Within the March of this year the company has additionally introduced new regulations where Russian users have been banned from either buying or selling US dollar or Euros within peer to peer exchanges.

It has also banned Europe based uses transferring money using Russian Ruble currency. And additional restrictions were put on  Russian accounts that had assets amounting for more than 11000$.

But surprisingly within the April of this year all of the extreme restrictions put on, particularly towards it’s Russian users had been lifted. As a result Russian users were able to do transactions in currency of their choosing additionally they started accepting deposits and bank cards issued within Russia itself.