Crypto companies registered in the European Union may face a ban on servicing Russian citizens and companies.

As specified by Bloomberg, the restrictions will be part of a new sanctions package, which is now being negotiated in Brussels. In particular, cryptocurrencies based in the EU jurisdiction will not be able to store digital currencies of users from Russia.

In addition, Russian individuals and legal entities will not be able to use European platforms to transfer funds to other countries. New sanctions against Moscow were announced the day before by the European Commission.

Major stock exchanges have been imposing restrictions on Russian users for the past several months.

Currently, Russians can store virtual currencies in European cryptocurrencies for amounts not exceeding 10,000 euros.

After the new sanctions package comes into force, this limit will be eliminated.

The administration of the Binance exchange said that it will continue to serve Russian investors, but the trading platform promises to comply with the sanctions law.

https://altcoin.ng/eu-to-ban-crypto-services-for-russian-citizens/