Binance and Huobi exchanges assured that after the announcement of EU sanctions, they have not yet imposed bans on transactions for Russians and have not blocked accounts.
The day before, the European Parliament announced a new package of EU sanctions, including a ban on providing Russian users with any services related to the creation of crypto wallets, accounts and storage of crypto assets in the territory of the Eurozone countries.
Previously, Russian users could open cryptocurrency accounts and make transactions, but the size of the account, according to the EU sanctions introduced in April, should not exceed €10,000. The new sanctions came into effect on October 7.
In April, the Binance cryptocurrency exchange partially complied with EU restrictive requirements. The platform announced to users registered in the Russian Federation that for individuals or legal entities whose balance sheet exceeds €10,000, only withdrawal operations will be available until the established limit is reached.
Reacting to the new October EU sanctions package, Binance told users that it has “not introduced any new restrictions and is operating as normal.” The message highlights the need to keep an eye on the exchange’s announcements page.
The position of Binance is shared by another popular cryptocurrency exchange among Russians – Huobi.
“Huobi continues to support the stable trading of Russian users, our top priority is the security of user assets. If any restrictions are introduced, we will immediately inform users and the press about this, ”the press service of the trading platform promised.
Formally, from the list of the top 7 crypto exchanges popular with the Russian user, there is not one with a “European residence permit”, for which the implementation of EU sanctions would be mandatory.
For example, Binance still does not have an official headquarters, Bybit and Huobi are based in Singapore, one of the largest crypto exchanges Coinbase, FTX and Kraken are registered in the US, and Gate.io is based in the Cayman Islands.
Moreover, a number of Russian experts in the field of digital assets suggest that cryptocurrency exchanges and most companies in the industry will not rush to implement the EU resolution. CEO of Indefibank Sergey Mendeleev convincedthat none of the companies will seek to voluntarily comply with the sanctions that are aimed at all Russian users, since this is tantamount to a complete loss of market positions. While their competitors continue their successful development.
Recently, the Binance cryptocurrency exchange announced its registration with the Committee of the Astana International Financial Center (AIFC). Thanks to the license, the exchange will be able to officially provide trading and custody services in Kazakhstan.
Source: Bits
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