As of August 26, the Binance cryptocurrency exchange introduces restrictions so that Russians who have passed the KYC (“know your customer”) verification can trade in any currency, except the ruble, through the Binance P2P service. Exchange customers confirm in Telegram groups that there is no possibility of making P2P transactions in other currencies.
P2p services have been popular among Russians since 2022. The tool allows transferring funds abroad, which is why it has become highly demanded in the Russian Federation amid the disconnection of banks from SWIFT. Using p2p, you can send money from one crypto wallet to another, as well as buy cryptocurrency.
In April 2022, Binance introduced a €10,000 limit for Russians to store funds in their crypto wallets. A year later, Binance banned the buying and selling of euros and dollars through its p2p service for Russians.
On June 5, 2023, the US Securities and Exchange Commission filed a lawsuit against the crypto exchange Binance. This caused a depreciation of the company’s brand token, as well as a rapid outflow of assets.
Two months later, Visa and Mastercard dropped their partnership with Binance amid problems with regulators. Over the summer, Binance had to pull out of the UK, Germany, Cyprus, the Netherlands, and several other markets.
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