July 16, 2024
Binance Implements Stricter Measures for Russian Users on Its P2P Platform
Latest Cryptocurrency News

Binance Tightens Restrictions for Russian Customers on P2P Platform

Binance, the cryptocurrency exchange, is progressively implementing additional constraints for its Russian clientele on its peer-to-peer (P2P) trading platform. On August 27th, Binance conveyed through its Telegram channel that Russian residents on its P2P platform will exclusively be permitted to transact using the Russian ruble (RUB), disallowing the use of any other fiat currencies.

Furthermore, Binance’s Russian customers who are situated outside the nation are now barred from engaging with currencies such as the RUB, euro (EUR), U.S. dollar (USD), and Ukrainian hryvnia (UAH).

To be eligible for utilizing the Russian ruble on Binance’s P2P platform, prospective users are mandated to undergo Russian Know-Your-Customer (KYC) verification and be concurrently residents of Russia. The exchange expressed its regrets for any inconvenience and provided instructions to reach out to Binance Customer Support for guidance. The announcement has garnered considerable attention from Binance’s Russian user base, as evidenced by the extensive commentary on the social media platform Telegram.

The recently imposed limitations seem to have predominantly impacted Russian citizens residing abroad who rely on Binance’s P2P service to convert their RUB from domestic banks into other currencies, as indicated by numerous comments. In response to a slew of complaints, a Binance customer support manager emphasized the need for users to fulfill three prerequisites for using RUB on the platform: Russian KYC verification, Russian nationality, and evidence of a Russian address. Notably, Binance did not clarify whether the new restrictions on Russian citizens are connected to Western sanctions or if they are part of new fiat currency regulations enforced by the Russian government amidst the devaluation of the ruble.

As per local reports, financial institutions have been imposing substantial constraints on fiat deposits and transfers, which include imposing a 50% fee on USD transactions, particularly in the wake of the ruble’s decline against the USD in mid-August. Binance’s latest restrictions join a series of recent measures that specifically target Russian users.

On August 25th, Binance eliminated sanctioned Russian banks such as Tinkoff and Rosban from its available payment options on the P2P platform. These developments come shortly after Binance promoted its offerings on vDud, a prominent Russian YouTube channel operated by Yuri Dud.

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