Binance's Russian Market Shake-Up: Ruble Transactions Restricted, Sanctioned Banks Removed

Binance, the world's largest cryptocurrency exchange, has restricted Russian users to trading only in rubles, banning all other currencies. This move comes amid an investigation by the U.S. Justice Department into possible violations of financial sanctions on Russia. Russian users residing outside the country with verified foreign addresses can still trade in select currencies. Binance's peer-to-peer exchange had previously facilitated significant ruble trading volumes, but the company has been taking steps to comply with sanctions, including removing Russian banks under U.S. sanctions from its platform.