Binance, a cryptocurrency exchange, has recently imposed restrictions on its Russian customers on its peer-to-peer (P2P) trading platform. Russian customers are now only allowed to use the Russian ruble (RUB) on the platform, and must have the Russian Know-Your-Customer (KYC) verification and reside in Russia in order to use the currency. The announcement has caused some confusion among Binance’s Russian users, with many commenting on the Telegram post. The restrictions have mostly affected Russians that reside outside of the country and need to convert their RUB from Russian banks to other currencies using Binance’s P2P service. For example, one user experienced difficulties in buying Tether USDT with RUB from the sanctioned bank Tinkoff Bank. Binance customer support noted that users need to meet all three requirements in order to use RUB on Binance, including providing the Russian KYC, the Russian nationality and the Russian proof of address. The new restrictions join a series of other recent measures targeting Russian users. On Aug. 25, Binance removed sanctioned Russian banks like Tinkoff and Rosban from the list of available payments on its P2P platform. This was followed by Binance promoting its services on vDud, one of the biggest Russian YouTube channels run by Yuri Dud. Binance did not mention whether the latest restrictions for Russian citizens are related to the Western sanctions or rather new fiat currency restrictions taken by the Russian government amid the fall of the ruble. According to local reports, banks have been introducing massive restrictions on fiat deposits and transfers, including 50% fees on USD transactions, amid ruble crashing through 100 RUB vs USD in mid-August. Binance did not immediately respond to Cointelegraph’s request for comment.

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Information	Details
Geography	Europe
Countries	🇨🇭 🇰🇿
Sentiment	neutral
Relevance Score	9
People	Yuri Dud, ZachXBT, Ran Neuner
Companies	YouTub, Tinkoff Bank, Rosban, Binance, vDud
Currencies	bitcoi, eur, rub, uah, usd
Securities