Binance Limits Services to Russian Users

[Freemind]

I think the fact that Binance limits its services to Russian citizens is an act of hypocrisy. I have not read anywhere that Binance limits its services to citizens of other countries that have started armed conflicts or have been killing civilians for decades.Speaking of this, I remember the statements of Jesse Powell, former CEO of Kraken:

If we were to shut down our services to countries that start a war, we should shut them down for almost every country in the world.

Binance has more legal requirements to comply with every day, and depending on the country Binance wants to license in, they will have to do what the laws of that country say. Depending on the cases, these laws can order sanctions against citizens of specific countries for geopolitical reasons.

[Chipstars]

Ah, the ever-evolving world of crypto, where the winds of politics and regulation blow as unpredictably as a storm on the high seas. Binance's recent announcement is a stark reminder of this reality. It's a fascinating, albeit controversial, development that has the potential to reshape the crypto landscape, particularly for our Russian friends.

Firstly, let's address the elephant in the room: the restriction of services for Russian nationals or entities with crypto assets exceeding 10,000 EUR. This is a significant move, one that could potentially alienate a large portion of Binance's user base. While it's understandable that Binance must comply with the EU's sanctions, it's worth questioning whether this blanket approach is the most effective or fair solution. After all, not every Russian crypto holder is involved in the geopolitical conflict that has led to these sanctions.

Secondly, the decision to put affected accounts into withdrawal-only mode is a double-edged sword. On one hand, it allows users to retrieve their assets, which is a fair and necessary provision. On the other hand, it effectively locks them out of the dynamic world of crypto trading, a world that is defined by its openness and accessibility.

The 90-day grace period for those with open Futures/Derivatives positions is a small consolation, but it's akin to being given a few final breaths before being submerged underwater. It's a temporary reprieve, but the end result is the same: exclusion.

Binance's donation to the Ukraine Humanitarian Effort is commendable, but it's important to remember that charity and compliance are two different things. One is a voluntary act of goodwill, the other is a mandatory response to legal obligations. Let's not confuse the two.

[cryptoworld1]

Biance the worlds largest cryptocurrency exchange by trading volume. Quietly lifted restrictions on Russian citizen and residents it had imposed over a year ago in march 2022. Europeon Union placed sanctions on russia in response to its attack on Ukraine.

[damsix]

For now, is Binance still restricting accounts from Russians ?
What happens if it continues like this ?
I'm sure Russians also want to enter the Binance ecosystem, but if it's limited then what to do ?

Also, I saw on various local TV channels in my country that the war between Russia and Ukraine was getting hotter day by day and lots of soldiers were dying. Oh My God .
Please Stop this War !

[Tribalchief]

With the retirement of CZ, i already knew that things won't go smooth anymore again. Targeting a certain region is obviously the work action of those that are against them. Cryptocurrency has nothing to do with governance, politics, war and personal matters, but the exchanges are currently under pressure.

Binance has to be cautious about the decisions they make, as we are fully aware of where it originates from. When external forces finish manipulating them, they might abandon Binance and promote their own exchange.

Can we now conclude that certain people have successfully taken control of the major exchange?.

[therozaq]

For now, is Binance still restricting accounts from Russians ?
What happens if it continues like this ?
I'm sure Russians also want to enter the Binance ecosystem, but if it's limited then what to do ?

Also, I saw on various local TV channels in my country that the war between Russia and Ukraine was getting hotter day by day and lots of soldiers were dying. Oh My God .
Please Stop this War !

Hopefully  it will end soon, Russia and Ukraine war.
I think It's not good for their citizens.
Talking about binace restricted russian account, I think it depends on  Russia and Ukraine war.
If the war has stopped, I think binance will allowed russian again.
Because I think US government has own policies  to ask binance team , block russian member.
It's not fair , but I also read the news about several account from Russian suspicious transactions.
Maybe US consider it.

[sampoerna]

Hopefully  it will end soon, Russia and Ukraine war.
I think It's not good for their citizens.
Talking about binace restricted russian account, I think it depends on  Russia and Ukraine war.
If the war has stopped, I think binance will allowed russian again.

But this still continuing and happening.
Indeed, until 2023, Binance will have stricter regulations regarding users from Russia. And even last August, Bianance also added restrictions on the use of Russian fiat for transactions. And this may have quite a big impact on Russian users. However, it is true that they have been implementing these restrictions since 2022, so this is certainly no surprise to the Russian people.
https://cointelegraph.com/news/binance-fiat-restrictions-for-russian-users

[Freemind]

Binance is the exchange with the highest daily volume in the world, but that does not mean it is the best or the only one. Fortunately, Russian users have quite a few options for trading. The restrictions or limitations that Binance may apply to Russian citizens will not have a great effect, we can compare it to the international sanctions that Russia receives from the international community. They require more documents with personal information to know who buys and sells crypto. It may be annoying, but I don't think it's a big problem after all.

[silkytakyaan86]

I think, Binance restricts services in Russia due to regulatory concerns, aligning with global compliance standards for a secure and compliant trading environment. And also he wants to stay away from politics.

[jonathancool220]

he wants to stay away from politics.

Hmmm, again and again political problems.
This politics is indeed scary for those who feel they are always right and this is very dangerous, especially since this cryptocurrency is decentralized and the price can go up at any time and it can be dumped.
Binance must be fair to situations that occur in the real world because digital cryptocurrency also has ups and downs due to issues that exist in the real world.
Binance's move to ban Russian citizens who are registered or already have an account on Binance is the right step because Binance does not want to get involved in politics between Russia and Ukraine, which are currently at war.

[doc]

Binance does not want to get involved in politics between Russia and Ukraine, which are currently at war.

Politic is always being reason of policy. Maybe finance doesn't want to get involved in Russia and Ukraine politic.
But we all know, where is binance ? US will influence it.
that's true..

[Condorlaib]

Binance does not want to get involved in politics between Russia and Ukraine, which are currently at war.

Politic is always being reason of policy. Maybe finance doesn't want to get involved in Russia and Ukraine politic.
But we all know, where is binance ? US will influence it.
that's true..

Binance is a centralized exchange and that says it all. If Satoshi Nakamoto created Bitcoin, then it was initially created in such a way as to reduce the possibility of control and influence.So there is no point in thinking about Binance in a way that it cannot be a priori. 😉

[Mehedi72]

That wasn't professional enough what binance had done with Russian users but politics is everywhere. As far my knowledge, authority of binance, doing their activities in usa and that's why they have to follow some rules and regulations from that country, even binance cz resigned due to political pressure. So Actually we can't accused binance or its authority for that

[mahadev]

That wasn't professional enough what binance had done with Russian users but politics is everywhere. As far my knowledge, authority of binance, doing their activities in usa and that's why they have to follow some rules and regulations from that country, even binance cz resigned due to political pressure. So Actually we can't accused binance or its authority for that

I agree with you, I'm disagree with Binance policy to limit service to Russia users.
It seems not fair.
Because trading , investing should different from political matters.
It's funny

[densus88]

That wasn't professional enough what binance had done with Russian users but politics is everywhere. As far my knowledge, authority of binance, doing their activities in usa and that's why they have to follow some rules and regulations from that country, even binance cz resigned due to political pressure. So Actually we can't accused binance or its authority for that

I agree with you, I'm disagree with Binance policy to limit service to Russia users.
It seems not fair.
Because trading , investing should different from political matters.
It's funny

Yeah, I think It's just polical matter if binance limit Russian users.
But maybe US has policy to detect suspicious transaction, and suggest binance to limit russian users.
Hopefully this was will end soon.