Binance, one of the world’s largest cryptocurrency exchanges, has succumbed to EU sanctions. According to the report, in terms of trade volume, the world’s largest cryptocurrency exchange bank said in a statement that the ban was imposed in the context of sanctions imposed on Russia after the invasion of Ukraine.

According to the statement, the ban will affect Russian citizens and institutions with more than 10,000 euros in corrupt assets.

Earlier this month, the European Union imposed new sanctions on Moscow, including closing possible loopholes for cryptocurrencies, banks, currencies, and trusts to allow Russians to divert their wealth. Could not move the country.

In the wake of the new sanctions, Beyonc says that all Russian citizens and institutions in Russia with a corrupt account balance of more than 10,000 euros have been given 90 days to close their accounts.

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Accounts affected by EU sanctions are only eligible to draw cryptocurrencies, while they will not be able to deposit or trade-in them.

Last month, Binance also banned cardholders of Russian banks from using its platform.

It should be noted that after the Russian attack on Ukraine on February 24, the United States, the United Kingdom, and the European Union had requested to close the corrupt accounts of Russian citizens in Baines and Coin Base, which was rejected.

A week later, Coinbase shut down Russian crypto accounts, but Baines refused to comply.

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