Binance Closes Dollar, Euro Buying Portal From Russians

  1. Binance has banned Russians from buying US dollars and euros from its P2P portal.
  2. Likewise, Europeans can no longer buy Russian rubles via P2P as well.
  3. The ban is in keeping with the EU’s sanctions on Russia, according to a Binance representative.

Russians are no longer allowed to buy and sell US dollars and euros from Binance’s peer-to-peer (P2P) marketplace. This is according to a report by Forbes Russia.

The article, originally written in Russian and published on March 9, said that a representative from Binance contacted Forbes Russia to say that the ban has already been implemented. This is in keeping with the sanctions imposed by the European Union (EU) on Russia for its ongoing military aggression toward Ukraine.

Likewise, EU users of the exchange said that they are also banned from buying or selling Russian rubles on the platform. What is more, Binance has suspended deposits and withdrawals of the British pound (GBP). This is because Binance’s UK-based partner Skrill has stopped providing the said service.

Binance has offered no other explanation as to why it has decided to ban Russians from accessing US dollars and euros apart from complying with EU sanctions. However, the question remains as to why the exchange banned Russians only recently.

Earlier, various media outlets like Politico reported that other crypto exchanges like Huobi and KuCoin still allowed sanctioned Russian banks to use their trading platform.

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Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.