The world's largest cryptocurrency exchange Binance said on Thursday that it is deactivating the accounts of its key clients in Russia, reducing its services in the nation in line with European Union restrictions. Binance informed customers that Russian nationals and residents, as well as corporations headquartered in the country, will be barred from making new deposits or trading crypto worth more than 10,000 euros (USD 10,900).

Clients who are affected, however, will be able to withdraw their funds, according to the statement. Binance noted that accounts for Russia-linked individuals who have completed address checks and own cryptocurrency worth less than 10,000 euros will stay active.

The Europeon Union targeted digital wallets used to store, send, receive, and spend cryptocurrencies in its fifth package of sanctions against Russia this month, as part of broader attempts to narrow potential loopholes that could allow Russians to shift money overseas. After President Vladimir Putin authorised the invasion of Ukraine, which Moscow calls a "special operation" to demilitarise and "denazify" the country, Binance, along with major U.S. exchanges Coinbase Global Inc and Kraken, rebuffed calls from Kyiv for a comprehensive ban on Russian users.

In March, Binance stated that it would not "unilaterally suspend millions of innocent users' accounts," but would ensure that sanctions were followed. Last month, it also revealed that cardholders of Russian banks subject to sanctions would be unable to use their cards on their platform, and that individuals in the same category had their access blocked.

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