Is Binance leaving Russia?

Binance has imposed further restrictions on Russian users. In addition, a report has surfaced in which a spokesperson for the crypto exchange raised the possibility of a withdrawal from Russia. Here are the details.

Binance increases restrictions on Russian users. The crypto exchange announced that from now on only Russians who live in Russia and have completed a full KYC can use the Russian ruble. At the same time, the use of other fiat currencies, such as U.S. dollars or euros, will be prohibited for Russian users.

For many Russians living abroad, restrictions on Binance's peer-to-peer trading are a major concern. They use the platform to support their livelihood by exchanging rubles for another currency.

Both capital controls from Russia and sanctions from the West are increasing pressure on Binance and its users. Even possible exit plans seem to be under discussion due to criticism of doing business in Russia.

A spokesperson for Binance told the Wall Street Journal that they are currently considering all options regarding Russia. Specifically, he said. "All options are on the table, including a complete exit."

With more and more Russian financial service providers and banks being excluded, it is becoming increasingly difficult to continue doing business there.