Binance P2P Imposes Fiat Currency Restrictions for Russian Users
Binance P2PPeer-to-Peer Networks (P2P) networks allow people to connect with each other directly for sharing things - without going through a middleman. More, the peer-to-peer trading platform of cryptocurrency exchange Binance, has implemented new restrictions for Russian residents. The platform now only allows the use of the Russian ruble (RUB) and prohibits other fiat currencies such as the euro, US dollar, and Ukrainian hryvnia. To use RUB on Binance P2PPeer-to-Peer Networks (P2P) networks allow people to connect with each other directly for sharing things - without going through a middleman. More, users must complete the Russian Know-Your-Customer (KYC) verification and reside in Russia. The restrictions have caused difficulties for Russian users residing abroad who need to convert RUB from Russian banks to other currencies. Binance has not clarified whether the restrictions are related to Western sanctions or new fiat currency regulations in Russia. These restrictions follow Binance’s recent removal of sanctioned Russian banks from its list of available payment options on the P2PPeer-to-Peer Networks (P2P) networks allow people to connect with each other directly for sharing things - without going through a middleman. More platform.
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