Binance has closed for Russians the purchase of dollars and euros through P2P

Binance, the world’s largest crypto exchange, has closed the possibility for Russians and individuals living in Russia to buy and sell dollars and euros through its P2P service. Binance explained this decision with restrictions under the tenth package of EU sanctions. About it Forbes said a representative of the exchange.

“Users can choose other available fiat currencies to continue using Binance P2P,” a spokesperson for the exchange said. As Bitcoin magazine Forklog points out, EU citizens are denied access to operations in rubles through P2P Binance. When you try to make a transaction, the exchange offers to change the currency to another.

Russians began to actively use the P2P services of crypto exchanges in 2022 after the restriction of SWIFT transfers. Using P2P services, you can transfer money between crypto wallets or buy cryptocurrency. The demand of Russians for cryptocurrencies, and, in particular, for the USDT stablecoin (a cryptocurrency pegged to the US dollar) increased after the announcement of partial mobilization on 21 September. Most often, the exchange took place through p2p on the Binance or Garantex exchanges.

In April 2022, due to the fifth round of EU sanctions against Russia, Binance restricted access for users from Russia: exchange clients with a total of more than €10,000 on their wallets were only allowed to withdraw funds: depositing funds or trading them on the exchange was prohibited.

In May, due to EU sanctions, restrictions for Russian users introduced Cryptocurrency exchange Coinbase: the exchange has closed access to accounts for customers who have a total of more than €10,000 on their wallets.

Anastasia Larina