More Crypto FUD?: Binance Blocks More Russia Transaction Modes Amid War

Anvesh Reddy
March 9, 2023 Updated September 6, 2025
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Binance Russia News: Top crypto exchange Binance has now closed more gaps for Russia based users to exchange other fiat currency amid restrictions on it amid the Ukraine war. The latest changes were affected by restrictive measures of the European Union against Russia as part of the latest set of rules. The EU’s tenth package of sanctions against the country were introduced on February 25, 2023. Not only do the latest changes pose new challenges to Russian nationals and people living in the country, they could potentially harm the crypto market‘s already stressful liquidity concerns.

Also Read: Voyager Selling ETH, SHIB, LINK, VGX After Binance.US Wins Court Approval

The new restrictions from the crypto exchange come on top of the pervious limitations on trading activities of Russian users. In April 2022, Binance placed limitations on trading activities of users from the country’s users in the wake of the prevailing European sanctions. Trading and deposit related restrictions were placed on Russian accounts that had crypto assets worth over 10,000 Euros. Only the withdrawal function was given to this set of users. Read More..

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New P2P Fiat Restrictions On Russia Users

The fresh restrictions affect a ban on Russia users from buying and selling US Dollars and Euros via its P2P platform. Also, users based in the European Union countries will not able to transact in Russian rubles through the platform. Reports said however that the users will be able to transact in other fiat currencies. While crypto transactions had a significant role in mobilizing donations to Ukraine in light of the war, Russians were banking on cryptocurrency based transactions as sanctions made it increasingly difficult to operate.

Liquidity related hiccups are already making a dent in crypto businesses in the United States, as banks deny support to the industry amid regulatory restrictions. Silvergate Capital, which was until recently a leading institution offering support to crypto players, announced voluntary liquidation as it faced the brunt of the FTX collapse. The Bitcoin price is already on a downward trend in the recent days. Are the new EU restrictions strong enough to bring more FUD due to liquidity concerns in the crypto ecosystem?

Also Read: Binance Adds Conflux, Stacks, TerraClassicUSD Amid Rising Hype

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at [email protected] or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.