Binance Limits Services in Russia Due to the EU’s 5th Package of Sanctions

Binance Limits Services in Russia Due to the EU’s 5th Package of Sanctions

The EU 5th Package of Sanctions: What Binance is Doing

Binance confirmed that they’ll be halting the service to the following countries: Russia, Iran, North Korea, and Syria. This is due to the EU’s 5th package of sanctions against Russia over their annexation of Crimea and intervention in eastern Ukraine. Vladimir Putin’s government has vowed to continue economic cooperation despite western insults – which only serves as proof of Putin’s lack of diplomatic credibility. 

How Is Binance related to Ethereum?

Binance is the world’s leading cryptocurrency exchange in terms of volume and traffic. It’s also currently the biggest exchange by trading volume of Ethereum, which is one of the most popular digital currencies on its platform—second only to Bitcoin. Binance also has future plans to launch an Ethereum-based decentralized exchange (DEX). 

 

The connection of Ethereum to Binance is that these are the two who suffered the biggest loss in this Ukraine-Russia crisis. The trade war between these countries could cause the cryptocurrency market to become more volatile. 

 

Although it’s unclear how much this will affect the crypto market. Once this situation calms down, cryptocurrency values should recover but it’s difficult to tell how long that will take.

 

What Do These Exchanges Have to Do With Russia?

While Binance is not a cryptocurrency mining entity, it does help power the Ethereum network by allowing miners to use their computers to verify transactions. This means that Binance is involved in the Ethereum ecosystem. 

 

It’s important to remember that this is an example of a neighboring nation trying to bolster its economy. Binance isn’t seeking to operate in the space, but that doesn’t mean they don’t have a vested interest in developing and expanding crypto-based projects. 

 

There are many different cryptocurrency exchanges around the world, and most of them are backed by one central company or another. Binance is no different as they work closely with local authorities in order to help encourage sustainable growth within their community.

Conclusion

Binance is one of the most influential cryptocurrency exchanges in the world. As a result of this, they are heavily integrated into both the Bitcoin (BTC) and Ethereum (ETH) ecosystems. They are also one of the first companies to be affected by any major changes in the crypto market, which is why this Ukraine-Russia trade war could affect Binance and its popularity in the crypto market. For more crypto news, check out our blog today!

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