Binance Restricts Transactions with Russian Crypto Platforms Amid EU Sanctions

Binance, the world's largest cryptocurrency exchange by trading volume, has announced that it will restrict transactions with certain crypto platforms included in the European Union's latest sanctions against Russia.

The EU imposed its 21st package of sanctions on July 23, which includes restrictions on 14 cryptocurrency services. Binance will block transactions with these platforms and their associated wallets, effective August 13 for three services and August 23 for the remaining 11.

This move follows a recent investigation in the US by Senator Richard Blumenthal into potential sanctions breaches and money laundering through Binance. The exchange has faced scrutiny over its dealings with Russia and Iran, including a $1.7 billion transfer linked to Russia.