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Cryptocurrency exchange Binance is continuing to introduce additional restrictions for Russian customers on its peer-to-peer (P2P) trading platform.
Binance P2P has banned Russian residents from using fiat currencies other than the Russian ruble, the exchange announced on its Telegram channel on August 27.
Russian clients residing outside the country have also been banned from using currencies such as the ruble, the euro, the United States dollar, and the Ukrainian hryvnia.
To use the Russian ruble on Binance P2P, users must possess Russian Know Your Customer (KYC) verification and reside in Russia simultaneously, the exchange stated.
“We apologize for the inconvenience. If you have any questions or need assistance regarding this update, please contact Binance Customer Support,” Binance stated. The announcement has drawn significant attention from Binance’s Russian users, with the Telegram post accumulating nearly 700 user comments at the time of writing.
According to multiple comments, the new restrictions have primarily affected Russians living in other countries who need to convert their rubles from Russian banks into other currencies using Binance’s P2P service.
For example, one alleged Binance P2P user experienced difficulties buying Tether (USDT) with rubles from the sanctioned Russian Tinkoff Bank. “My account is verified abroad,” the alleged user said, adding that she needed to transfer her Russian salary to Switzerland.
“If you’re in Switzerland, you should be taking your pay in francs,” one Telegram user commented. Another alleged Binance P2P user also faced issues transferring rubles to Kazakhstan.
“I have been in Kazakhstan for almost a year; I live and work here. But sometimes I need to transfer money from the Russian Federation, so for a year now I have been buying USDT for rubles and selling them for the Kazakh tenge,” the person wrote in a chat with Binance customer support. The user complained about becoming unable to proceed with such transactions after August 25.
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Interaction between a user and Binance Support. Source: Telegram
Addressing the complaint, a Binance customer support manager noted that users must meet all three requirements to use rubles on Binance, including providing Russian KYC, Russian nationality, and Russian proof of address.
Binance did not mention whether the latest restrictions for Russian citizens are related to Western sanctions or, rather, new fiat currency restrictions imposed by the Russian government amid the decline of the ruble.
According to local reports, banks have been introducing massive restrictions on fiat deposits and transfers, including 50% fees on U.S. dollar transactions, amid the ruble crashing through 100 rubles against the U.S. dollar in mid-August.
Related: OKX and Bybit remove sanctioned Russian banks from payments list
Binance did not immediately respond to Cointelegraph’s request for comment.
The latest restrictions by Binance add to a series of other recent measures targeting Russian users. On August 25, Binance removed sanctioned Russian banks like Tinkoff Bank and Rosbank from the list of available payments on its P2P platform.
The news came just a few days after Binance promoted its services on vDud, one of the biggest Russian YouTube channels run by Yuri Dud.
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