Binance adds fiat currency restrictions for Russian users

Cryptocurrency trade Binance continues introducing extra restrictions for Russian clients on its peer-to-peer (P2P) buying and selling platform.

Binance P2P has banned Russian residents from utilizing fiat currencies aside from the Russian ruble, Binance announced on its Telegram channel on Aug. 27.

Binance’s Russian shoppers residing exterior the nation have additionally been banned from utilizing currencies just like the ruble, the euro, america greenback and the Ukrainian hryvnia.

With a purpose to use the Russian ruble on Binance P2P, users should have Russian Know Your Buyer (KYC) verification and reside in Russia on the similar time, the trade said.

“We apologize for the inconvenience. If in case you have any questions or want help concerning this replace, please contact Binance Buyer Assist,” Binance said. The announcement has introduced some consideration from Binance’s Russian users, with the Telegram submit having amassed almost 700 consumer feedback on the time of writing.

The brand new restrictions have largely affected Russians who reside in different nations and must convert their rubles from Russian banks to different currencies utilizing Binance’s P2P service, in line with a number of feedback.

For instance, one alleged Binance P2P consumer experienced difficulties in shopping for Tether (USDT) with rubles from the sanctioned Russian Tinkoff Financial institution. “My account is verified overseas,” the alleged consumer stated, including that she wanted to switch her Russian pay to Switzerland.

“If you happen to’re in Switzerland, you have to be taking your pay in francs,” one Telegram consumer commented. One other alleged Binance P2P consumer additionally faced points in transferring rubles to Kazakhstan.

“I’ve been in Kazakhstan for nearly a yr, I stay and work right here. However typically I must switch cash from the Russian Federation, so for a yr now I’ve been shopping for USDT for rubles and promoting them for the Kazakh tenge,” the particular person wrote in a chat with Binance buyer assist. The consumer complained about turning into unable to proceed with such transactions after Aug. 25.

Addressing the criticism, a Binance buyer assist supervisor famous that users want to fulfill all three necessities to make use of rubles on Binance, together with offering the Russian KYC, Russian nationality and Russian proof of tackle.

Binance didn’t point out whether or not the newest restrictions for Russian residents are associated to Western sanctions or, slightly, new fiat currency restrictions imposed by the Russian authorities amid the decline of the ruble.

Based on native stories, banks have been introducing large restrictions on fiat deposits and transfers, together with 50% charges on U.S. greenback transactions, amid the ruble crashing by means of 100 rubles vs. the U.S. greenback in mid-August.

Associated: OKX and Bybit remove sanctioned Russian banks from payments list

Binance didn’t instantly reply to Cointelegraph’s request for remark.

The most recent restrictions by Binance add to a sequence of different current measures focusing on Russian users. On Aug. 25, Binance removed sanctioned Russian banks like Tinkoff Financial institution and Rosbank from the checklist of accessible funds on its P2P platform.

The information got here just some days after Binance promoted its services on vDud, one of many largest Russian YouTube channels run by Yuri Dud.

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