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Binance bans Russia-based users from exchanging in foreign currencies
(MENAFN) The biggest cryptocurrency exchange worldwide by trading capacity, Binance, has banned Russia-based users from exchanging in any currency except the ruble through its P2P (peer-to-peer) podium, many news channels stated on Saturday, quoting user objections.
Based on the statements, the modification was initially stated by Russia-based participants of gaming groups who were incapable of buying Turkish lira to purchase games on Turkish Steam, PlayStation as well as Xbox accounts.
Users declared that when attempting to purchase any foreign currency, they got a note recommending them to “choose a local currency for p2p trading.” The notification stated that this condition was “in accordance with Binance's operating rules for the country [they] specified during verification,” as well.
The initial similar notifications were detected on August 26. Based on the statements, only the users who have passed Binance’s ‘know your customer’ (KYC) authentication in Russia got them. In contrast, users that have not passed KYC in Russia declard that they were not able to perform transactions in rubles.
Based on the statements, the modification was initially stated by Russia-based participants of gaming groups who were incapable of buying Turkish lira to purchase games on Turkish Steam, PlayStation as well as Xbox accounts.
Users declared that when attempting to purchase any foreign currency, they got a note recommending them to “choose a local currency for p2p trading.” The notification stated that this condition was “in accordance with Binance's operating rules for the country [they] specified during verification,” as well.
The initial similar notifications were detected on August 26. Based on the statements, only the users who have passed Binance’s ‘know your customer’ (KYC) authentication in Russia got them. In contrast, users that have not passed KYC in Russia declard that they were not able to perform transactions in rubles.
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