Binance, a prominent cryptocurrency exchange, is imposing further restrictions on its Russian customers who use its peer-to-peer (P2P) trading platform. The exchange recently announced via its Telegram channel that Binance P2P would no longer permit Rus sian residents to use fiat currencies other than the Russian ruble.
Moreover, even Russian customers living abroad are now barred from using various currencies such as rubles, euros, dollars, and Ukrainian hryvnia on the platform. To utilize Russian rubles on Binance P2P, users are required to undergo Russian know-your-customer (KYC ) verification and must also be residing in Russia.
This announcement has sparked a reaction among Binance users in Russia, with nearly 700 comments being posted on the Telegram announcement. Many of these comments indicate that the new restrictions mainly affect Russians living in other countries who rely on the Binance P2P service to exchange rubles from Russian banks into other currencies.
For instance, a user claimed that they encountered difficulty buying Tether Rubles from sanctioned Russian Tinkov Bank due to the account being verified abroad. This user needed to transfer their Russian salary to Switzerland and faced complications due to the restrictions.
The situation highlights the complexities faced by users who need to transfer funds between different currencies and regions, especially when faced with evolving regulations and geopolitical factors.
Binance has been implementing a series of measures targeting Russian users, including the removal of sanctioned Russian banks from the list of available payments on its P2P platform. However, the exact reasons behind these restrictions, whether they are related to international sanc tions or new fiat currency Controls imposed by the Russian government, remain unclear.
