This was reported by representatives of the company to Forbes and they added that the decision was due to the tenth package of anti-Russian sanctions. 

The ban applies not only to Russian citizens, but also to people residing in the territory of the country. Also among the restrictions is a ban for European citizens to buy and sell Russian currency via p2p.

P2p services have been popular among Russians since 2022. The tool allows the transfer of funds abroad, that is why it has become popular in Russia amid the disconnection of banks from SWIFT. Using p2p, one can send money from one cryptocurrency wallet to another, as well as purchase cryptocurrency.

In April 2022, Binance introduced a limit of €10,000 for Russians to store funds in its cryptocurrency wallets, while the eighth EU sanctions package imposed a complete ban on Russian citizens using European cryptocurrencies. However, Binance did not deprive Russians of such an opportunity.