Crypto exchange Binance introduces restrictions for Russian clients

Crypto exchange Binance introduces restrictions for Russian clients

Today, April 21, 2022, crypto exchange Binance announced changes in domestic policy in relation to the citizens of the Russian Federation.

In this article, we will talk about what threatens users of the Russian Federation and analyze the above statement.

Introduction of restrictions for users of the Russian Federation


Let's start with the fact that the EU has banned any operations on the cryptocurrency market for citizens of the Russian Federation. For example, the Belarusian stock exchange Currency.com stopped servicing Russian clients. From April 12, it is forbidden to replenish the account, and from April 26 it will not be possible to open new transactions. On May 10, all services will be completely disabled.

Initially Binance did not want to impose restrictions on users of the Russian Federation, but still, over time, the management changed its mind.

The message about the decision to introduce restrictions is as follows:

"All accounts Binance Russian citizens or persons residing in Russia whose total value of crypto assets exceeds €10 will unfortunately be limited. Users will only be able to use the withdrawal feature until further notice.", - reports the representative office of the crypto exchange.

С official news you can check it out by clicking on the link.

What are the alternatives


Despite the fact that the Binance has been the largest exchange in the world of cryptocurrencies for a long time, there have always been and are alternatives that we advise you to familiarize yourself with:

  • bybit.com – Cryptocurrency exchange was founded in 2018. The main office of the company is located in Singapore.
  • Huobi.pro – was founded in 2013 in Beijing and is currently also based in Singapore.
  • Kucoin.com is a Hong Kong-based cryptocurrency exchange launched in September 2017.
  • FTX.com - it officially appeared in 2018, but began work in May 2019. The company is registered in Antigua and Barbuda.
  • OKX.com is a crypto exchange formerly known as OKEX. One of the largest cryptocurrency exchanges, which was founded in Hong Kong in 2016. In 2018, the platform moved to Malta due to the introduction of severe restrictions on cryptocurrencies in China.
  • Bitfinex.com is an exchange that was founded in 2012 by the Hong Kong company iFinex. The company is registered in the Virgin Islands.
  • mexc.com is a cryptocurrency exchange operating since 2018. The company is registered in Singapore.
  • Gate.io is a cryptocurrency exchange that has been operating on the market since autumn 2017. The company is registered in Virginia.
  • Nominex.io is a non-KYC cryptocurrency exchange launched in 2019. She is registered in the Seychelles. Licensed by the Estonian Financial Intelligence Unit (FIU).

We have prepared an article on the cryptocurrency exchange bybit. We recommend to read:

To work with HYIPs, we still recommend using crypto wallets instead of exchanges. Here are some examples of the most popular crypto wallets:

In addition to crypto wallets, there are also cold wallets. Again, a few examples:

We also have a few articles that we think will be useful to you:

FAQ


Binance has provided a list of frequently asked questions you may have and answers to them. We recommend to familiarize yourself with:

  • FAQ

Conclusion


This news caused a stormy reaction from the clients of the Russian Federation, but having analyzed the situation, we can say that not everything is as scary as it seems. In fact, if you have less than €10 on the exchange balance, you can continue to use it. Otherwise, you can refuse services Binance and go to one of the crypto exchanges indicated by us. In fact, funds are not blocked, the possibility of withdrawal will remain in any case.

Of course, from the point of view of security, we would still recommend withdrawing money from the above exchange and using its analogues, and the best thing for large amounts would be to buy cold wallets, because long-term prospects for the exchange Binanceif you are a citizen of the Russian Federation, we do not see.

The information that is now being learned from the support of the exchange is very vague. It's like they don't know how things are going to go.

We hope that the article was useful for you and you will take care of the safety of your cryptocurrency. Leave comments with your thoughts about this news. Successful and profitable investment!

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Комментарии (11)

  1. UdayAS8 10 May 2022 21: 42

    and now they're stopping trading with safepal without verification, really strange moves

    A complaint
  2. Mihhha 9 May 2022 21: 30

    It's a pity. I use safepal, but they say that they got to it. Now, without verification, there will be restrictions on buying, selling and replenishing the balance. Thanks for the article.

    A complaint
  3. UdayAS8 April 27 2022 00: 04

    I don't get those sanctions at all, they claim they don't want to sanction the people but the government yet I only see people suffer from these sanctions

    A complaint
  4. Akimskate April 24 2022 10: 39

    Thank you for the article! Indeed, a bank over 10k euros would be less risky to keep on a cold wallet

    A complaint
  5. 4difeer666 April 22 2022 20: 56

    I am considering switching to bybit exchange + Exodus wallet, too ambiguous policy now from binance, maybe in the future we will return

    A complaint
    1. richmonkey April 23 2022 01: 03

      Baibit is a normal exchange, similar to binance.

      A complaint
      1. 4difeer666 April 23 2022 10: 33

        I agree, when I went into the office, I thought that I accidentally entered Binance out of habit xD
        Of the minuses, I realized that they do not have a cryptocurrency/cryptocurrency pair and a converter, it was convenient on binance, I would have to do everything through usdt

        A complaint
      2. UdayAS8 April 27 2022 00: 07

        Lots of people in my country use Kucoin and they claim to be very good without any problems whatsoever

        A complaint
  6. Alex2601 April 22 2022 11: 16

    The main thing is that there is a replacement, thanks to Rich for the article!

    A complaint
  7. Managerruslan April 21 2022 22: 33

    It hurts to watch how a prosperous (very relatively) country turns into a pariah, but for sure there should be a white one behind the black stripe

    A complaint
    1. UdayAS8 April 27 2022 00: 05

      The world isn't the same anymore, I hope this madness will stop soon

      A complaint