The 10,000€ limit that Binance placed on Russian accounts in 2022 was lifted according to Binance's technical support team. RBC (Ros Business Consulting) wrote that the tech support informed Russian users, who can once again deposit to their Binance accounts beyond 10,000€ and use them for transactions as well as trading.
Despite the lift of the funds limit on Russian users, they are still restricted from peer-to-peer transactions in Euros and USD. The restrictions are applied to all residents of Russia, added RBC.
These restrictions were introduced alongside the EU’s 5th package of restrictions for the Russian special military operation. Following Binance, a few other exchanges such as Crypto.com and Blockchain.com went along with imposing a ban or restricting Russians from using their services.
While still heavily sanctioned by the Western world over the invasion of Ukraine, the Russian Federation has eyed digital currencies as a means to bypass the imposed sanctions. However, further development regarding this matter is hard to predict as the country’s stance on crypto payments remains unclear after Putin approved a law that bans local crypto payments.