Cryptocurrency exchange Binance continues to introduce more restrictions for its Russian customers on its peer-to-peer (P2P) trading platform.
Binance P2P Bans Russian Residents From Using Any Other Fiat Currency Except Russian Ruble (RUB), Binance Announce Published on its Telegram channel on August 27th.
Binance Russia customers residing abroad are also banned from using currencies such as the ruble, the euro (EUR), the U.S. dollar (USD), and the Ukrainian hryvnia (UAH).
In order to use the Russian ruble on Binance P2P, it is necessary to obtain Russian Know Your Customer (KYC) verification and reside in Russia at the same time, the exchange said.
“We apologize for the inconvenience. If you have any questions or need assistance with this update, please contact Binance customer support,” Binance pointed out. The announcement caused some concern among Binance Russia users, and the Telegram post has amassed nearly 700 user comments since its publication at the time of writing.
According to multiple comments, the new restrictions apparently mainly affect Russians living in other countries who need to use the Binance P2P service to exchange Rubles from Bank of Russia into other currencies.
For example, an alleged Binance P2P user experienced Difficulty buying Tether (USDT) with rubles from sanctioned Tinkoff Bank. “My account was verified abroad,” the accused user pointed out, adding that she needed to transfer her Russian salary to Switzerland.
“If you’re in Switzerland, you should be paid in Swiss francs,” said one Telegram user commented.Another alleged Binance P2P user also face The problem of transferring rubles to Kazakhstan.
“I have been in Kazakhstan for almost a year, I live and work here. But sometimes I need to transfer money from the Russian Federation, so for a year I have been buying USDT in rubles and selling it in Kazakhstani tenge.” wrote in a chat with Binance customer support. The user complained that such transactions could not continue after August 25.
Addressing the complaint, a Binance customer support manager noted that users need to meet all three requirements to use RUB on Binance, including providing proof of Russian KYC, Russian citizenship, and a Russian address.
Binance did not mention whether the latest restrictions on Russian citizens are related to Western sanctions, or to new fiat currency restrictions take Actions taken by the Russian government during the devaluation of the ruble.
According to local reports, banks have been imposing massive restrictions on fiat deposits and transfers, including a 50% fee on dollar transactions, denominated in rubles. collapse In mid-August, the ruble-dollar exchange rate broke through 100 rubles.
related: OKX and Bybit remove sanctioned Russian bank from payment list
Binance did not immediately respond to Cointelegraph’s request for comment.
Binance’s latest restrictions are part of a series of other recent measures targeting Russian users. On August 25, Binance removed sanctioned Russian banks such as Tinkoff and Rosban from the list of available payments on its P2P platform.
The news comes days after Binance promoted its service on vDud, one of the largest Russian YouTube channels run by Yuri Dud.
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