Cryptocurrencies
Russia’s $124 Billion Crypto Market Is Pinched by Ukraine Sanctions
- Binance plans to limit services to large Russian accounts
- U.S. targeted largest Russia’s crypto miner Wednesday
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Russia’s $124 billion crypto market is facing new restrictions from measures to punish the Kremlin for its invasion of Ukraine, amid warnings that digital currencies could eventually help ease the pain of sanctions.
Binance Holdings Ltd., the world’s largest cryptocurrency exchange, said Thursday it will curb services to Russians with crypto assets exceeding the value of 10,000 euros ($10,885) in response to new European Union restrictions. Separately, the U.S. sanctioned BitRiver, which operates farms that mint about half of all digital currencies generated in Russia.