Binance, a cryptocurrency exchange, is adopting a stronger know your customer (KYC) procedure for Russian users after the present round of European Union (EU) sanctions.
Binance said that it will prohibit services for Russian citizens in the country, or legal organisations created in Russia having crypto holding over €10,000 ($10,900), after the 5th package of EU in anti-Russia regulations. A proof- of address must be submitted if the user met these criteria.
Opinion about sanctions by the CEO of Binance
Alex Bornyakov, Ukraine’s deputy minister for digital transformation, praised the modifications via tweet. While Binance CEO Changpeng Zhao has regarded crypto as a destructive means of escaping sanctions, he has also described previously that banning all Russian citizens from using crypto exchanges is unfair.
Rules followed by Russian users
Customers must now undergo a verification process which will be put in withdrawal only mode. This regulation means that no deposits or trading will be accepted. All spots, futures, custodial wallets, staked and deposits are included in the limit. Also, all deposits of more than €10,000 to Russian citizens, people resident in Russia, or legal companies registered in Russia would be forbidden
Russians residing outside the nation who can prove their residence, also those who live in Russia but have less than €10,000 in their bank accounts shall not be affected by the new reforms. Additionally, Russian nationals, individuals and businesses within the country, will be granted 90 days to terminate open futures and derivatives transactions if their holdings surpass the threshold. They won’t be allowed to open new positions. They won’t be able to be employed for new positions.
 procedure for Russian users after the present round of European Union (EU) sanctions.){kind=link}