New restrictions for Russian Binance users if they have over 10,000 euro worth of crypto deposited there.
They have implemented the EU sanctions over Russia amid the war crisis and have limited the Russian Binance user to deposit or trade over €10000 and they can only withdraw the amounts.Although if you are residing outside the Russia being it's citizens and Binance user you will have to verify your proof of address with them.
Russian nationals or natural persons residing in Russia, or legal entities established in Russia, with open Futures/Derivatives positions, and who have crypto account balances that exceed 10,000 EUR will be given 90 days to close out their positions. No new positions will be allowed to be added.
Russia is also having lot of crypto users and Binance base is strong there but according to one
Bloomberg article most users are having less than €10000
Russia is one of Binance’s top five markets globally with about 10 million total accounts, two people familiar with the matter said. It’s estimated that fewer than 50,000 actually hold a value exceeding 10,000 euros, one of the people said.
People need to realize that centralized exchanges are fiat institutions which happen to interact with bitcoin, and not a bitcoin service which happens to also handle some fiat. As fiat institutions, they are an extension of the fiat system and, by proxy, an extension of the government which owns and operates that fiat system. Any coins left on a fiat exchange are not yours. If you hold your bitcoin on an exchange, then you don't own any bitcoin. All you own is a promise; a promise that can be revoked without warning and at any time.
That's the thing people are not realising the risk associated with storing your coins on these centralised platforms which act as central authoritative chain asking for full documentation and KYC from you first of all then can restrict you from making transactions with your funds only.They already are in possession of your keys and having third party outsourcing for saving the data whose data can be compromised anytime and hacks happen this way stealing whole lot of funds and you can't do anything as you have agreed to their T&C beforehand.
Calling them fiat extension chain is absolutely correct because they are acting same like them or even worse with your keys lying with them giving them full ownership of your funds.These restrictions are not new and recently we have seen Coinbase also imposing restrictions for Canada users for transactions worth $1000 above only and have to fill out the recipient extra details like exposing yourself full to them.
The problem is people are not waking up to these alarming calls which is why CZ,Brian and others have climbed up to the Forbes list with billions dollars of networth in such short time span.You need to have your funds in hardware wallets with keys on offline storage with backup so as your fund lies with you and security perspective remains uncompromised.
