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.
Table of contents
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:
- Trustee Wallet - Review and Review of Cryptocurrency Wallet.
- Tronlink.org – Crypto wallet review and reviews as a browser extension..
- The most reliable cold storage wallets for cryptocurrency.
Binance has provided a list of frequently asked questions you may have and answers to them. We recommend to familiarize yourself with:
1. I am a citizen of Russia, but I live outside of it. Will my account be restricted?
Accounts for Russians residing outside of Russia and accounts for Russian citizens or users residing in Russia with a total value of less than €10 will remain active in accordance with the lockdown package published by the EU.
2. My account has less than 10€. What happens if the value of my assets exceeds 000€?
If the value of your assets in your account exceeds EUR 10 for any reason after April 000, 25, your account will be restricted and will go into a "withdrawal only" status until further notice. This means that you will not be able to trade or deposit assets into your account. However, you can still withdraw your assets to other crypto wallets.
3. The amount of assets in my account exceeds 10€. What should I do?
If you do not take any action, your account will be placed in a "withdrawal only" mode, which means that you will not be able to trade or deposit additional funds or assets into your account. However, you can still withdraw your assets to other crypto wallets at any time.
4. How long will this restriction last?
All accounts Binance Russian citizens or persons residing in Russia for amounts above €10 will be limited until further notice.
5. I am a new user, can I register an account?
Yes, new accounts are allowed as long as the balance remains below €10 and all relevant KYC/AML verification procedures are completed.
6. Can I open multiple accounts and distribute my assets?
Binance uses one of the most sophisticated and secure KYC and AML processes in the world. Any user trying to open multiple accounts will not be able to do so.
7. What if I have several sub-accounts with the value of each sub-account less than 10€?
The limit applies at the master account level.
8. Will corporate accounts be affected?
Yes. Accounts Binance for citizens of Russia or individuals residing in Russia or legal entities established in Russia, whose total value of crypto assets exceeds 10€, will be limited to withdrawal only. These accounts will be suspended from depositing or trading. The limit also covers all spot, futures and depository wallets, as well as deposit interest and staking.
In addition, all deposits to the accounts of Russian citizens or individuals residing in Russia, whose balances exceed 10 euros, will be limited.
9. I have assets invested in projects like Polkadot. Are these assets included in the €10 limit?
Yes, all assets held in Earn Wallet also count towards your balance.
10. I have an open futures/margin position, what should I do?
Citizens of Russia or persons residing in Russia with open futures/terms contracts worth more than €10 will be required to close any positions within 000 days.
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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