Cryptocurrency exchange Binance has announced new restrictions on its peer-to-peer (P2P) platform for Russian users.
According to a post on the Russian-language Telegram channel on August 27, Binance P2P banned the use of non-Russian fiat currencies for residents of Russia, and Russian users outside the country were prevented from using currencies such as the euro, the US dollar and the Ukrainian hryvnia.
Binance said that in order to use Russian rubles with Binance P2P, users must be verified by Russian KYC and reside in Russia.
The officials said, “We apologize for the inconvenience. If you have any questions or need assistance with this update, please contact Binance Customer Support.”
According to numerous reviews, the new restrictions most affected Russians who live in other countries and need to convert their rubles in Russian banks into other currencies using Binance's P2P service.
Binance did not specify whether the recent restrictions on Russian citizens were related to Western sanctions or the new fiat-currency restrictions imposed by the Russian government during the ruble's fall.
Binance's recent restrictions bring a host of other measures aimed at Russian users. On August 25, Binance removed sanctioned Russian banks such as Tinkoff Bank and Rosbank from the list of available payments on its P2P platform.
*Not investment advice.