According to some sources, Binance banned Russians and Russian residents from buying and selling dollars and euros through its P2P platform. Other fiat currencies are supposed to remain available. In addition, EU citizens will not be able to buy Russian rubles.

☝️ FYI: Binance launched P2P platform in 2019 and added trading for the Russian Ruble in 2020 saying that “Russia is a vibrant market for blockchain and crypto advancement. We strive to provide our Russian users with easy fiat-to-crypto access.” In April 2022 Binance limited services for “Russian nationals or natural persons residing in Russia, or legal entities established in Russia, that have crypto assets exceeding the value of 10,000 EUR,” following EU sanctions.

This move might prevent Russians from using the P2P platform as a substitute for SWIFT transactions. Money transactions abroad became extremely popular in this way among Russians after EU sanctions were imposed in 2022.

While the exchange bars services for Russians, Binance promotes P2P among Ukrainians, as the country suspended the use of its national currency, the hryvnia, for fiat deposits and withdrawals on crypto exchanges via banking cards:

“We suggest using the P2P service so that you can continue to use Binance comfortably,” — said Binance in its Ukrainian Telegram channel.

By the way, you might not have heard that Binance P2P platform supports cash transactions, which might be of use in case of suspended bank transactions. Of course, this method of payment seems a bit outdated, but it definitely has one indisputable advantage: privacy. Tracking cash is way more difficult compared to a credit card. Besides, there is no waiting for the arrival of a bank transfer, which can take up to 3 business days. At the same time, this is the only payment method that involves face-to-face meetings which raises security issues.

In what way do you think the ‘crypto situation’ will develop further for Russians and Ukrainians in this current political reality?