Binance P2P Imposes More Restrictions on Russian Users: Only Russian Ruble Accepted

Cryptocurrency exchange Binance is tightening restrictions for its Russian customers on its peer-to-peer (P2P) trading platform. The exchange has announced that Binance P2P will now only accept the Russian ruble (RUB) as a fiat currency, effectively banning the use of other currencies such as the euro, US dollar, and Ukrainian hryvnia by Russian residents. To use RUB on Binance P2P, users must have Russian Know-Your-Customer (KYC) verification and reside in Russia.

Apologies from Binance as New Restrictions Receive Criticism

Binance has acknowledged the inconvenience caused by these new restrictions and has encouraged affected users to contact Binance Customer Support for assistance. The announcement has garnered significant attention, with nearly 700 user comments on the Telegram post at the time of writing.

Impact on Russians Residing in Other Countries

The recent restrictions have primarily affected Russians living in other countries who rely on Binance's P2P service to convert their RUB from Russian banks into other currencies. Many users have reported difficulties in conducting transactions, such as buying Tether (USDT) with RUB from sanctioned banks and transferring rubles to other countries like Switzerland and Kazakhstan.

Requirements for Using RUB on Binance

In response to user complaints, a Binance customer support manager clarified the requirements for using RUB on Binance, which include providing Russian KYC verification, proof of Russian nationality, and proof of a Russian address.

Reasons Behind the Restrictions

Binance has not explicitly stated whether the new restrictions are related to Western sanctions or recent fiat currency restrictions imposed by the Russian government due to the fall of the ruble. Local reports suggest that Russian banks have implemented significant restrictions on fiat deposits and transfers, including imposing 50% fees on USD transactions, as the ruble's value has declined.

Binance Continues Measures Targeting Russian Users

These latest restrictions follow Binance's decision to remove sanctioned Russian banks like Tinkoff and Rosban from its P2P platform. It is unclear whether these measures are a response to regulatory pressures or part of Binance's effort to enhance compliance and safety.

Binance has not responded to Cointelegraph's request for comment on the matter.

Notably, just a few days before the implementation of these new restrictions, Binance had promoted its services on vDud, one of the largest YouTube channels in Russia.