As a result of the sanctions policy, many foreign companies are leaving the Russian market and no longer want to provide services to the Russian consumer. Such restrictions even affect the cryptocurrency market. Some exchanges, including Binance, announced the introduction of restrictions for Russian users. Some simply blocked access or banned the registration of new users, while the rest completely disabled the possibility of buying cryptocurrencies using bank cards.
What is generally happening in the crypto sector and how sanctions will affect cryptocurrency in Russia will be considered in this article.
The Internet is full of rumors, including that Russia is legalizing cryptocurrency to circumvent sanctions. In reality, it is still too early to hope that this will happen soon, however, talk of a complete blockage within the country has also ceased to appear. In January 2021, a law was passed that prohibited the use of cryptocurrency as a means of payment. And this means that in Russia, according to the law, you cannot buy a product or service and pay for it with cryptocurrency. Although you can buy and sell cryptocurrency. And with the latest sanctions news, cryptocurrency in Russia in 2022 has become a very discussed topic.
Now the latest news about the ban on cryptocurrencies in Russia comes only from foreign sources. This can be understood, because in the current conditions of oppressive sanctions against the country, the world wants to completely deprive Russia of the opportunity to maneuver in the financial sector, including with the help of cryptocurrency. And that is why he insists so much that the ban on cryptocurrencies in Russia should be like this. At the same time, as mentioned earlier, the issue of complete blocking is not raised inside the country. The government has already stated several times that it is not going to ban cryptocurrency, and the Russians will be able to continue to make transactions with cryptocurrency. The only condition is not to pay her for goods and services.
The leader of the crypto-currency sector in the world, the Binance exchange, prohibits the purchase of crypto-currency by users from Russia using bank cards
Such purchase restrictions were introduced on March 10, 2022. Now you can’t buy cryptocurrency on Binance with your bank card. Even if the bank that issued your card was not sanctioned. Binance is a centralized exchange and it is subject to the influence of countries that have imposed sanctions on Russia. But there are loopholes, using which you can still buy and sell cryptocurrency. And this is the Binance p2p platform.
How to use Binance p2p to buy and sell cryptocurrency
The p2p system is a transaction for buying and selling directly between users. One user places an order, which says how much, at what price and what kind of cryptocurrency he is ready to buy or sell. Most trades are made with USDT stablecoin. At the same time, you users do not send money to the exchange, but send it directly to other users.
How to transfer money to p2p wallet Binance
First you need to go to Binance p2p and select the buy tab. Then choose the desired stablecoin, in our case USDT, and study the list of offers. At the very top will be the most profitable rate for the transaction. Choose a user who has already made many transactions, and agree to the exchange. In the confirmation window, the user sends you the payment details for you to transfer your funds. After the money is transferred, click confirm and the counterparty sends you your USDT.
What if I send money but don’t receive cryptocurrency? In this case, you will need to open a dispute, technical support will see the situation and send you your cryptocurrency, and the user will be warned or blocked.
How to withdraw via p2p binance?
Just like buying, you can also sell your USDT p2p. This time we need a Sell tab. Then the amount is indicated and the card details are sent to the buyer. He transfers money to the card and waits for confirmation. After confirming that the money has been received from the account, USDT is debited.
In such a simple way, described in the article, currency exchange takes place via p2p. Thanks to this exchange, many people receive income by constantly buying and selling USDT.
There is always a small but
Due to the imposed sanctions against some Russian banks, p2p exchange will not work with the cards of these banks. Currently, restrictions have been imposed on such banks as:
- Bank Russia
Partially under sanctions are:
- Alfa Bank
You can make transactions on the Binance p2p platform with bank cards:
What other loopholes are there? For example, a withdrawal to the card of another person or a card of a foreign bank?
According to the rules of the Binance exchange, withdrawals are possible only to the user’s personal card. If you request a withdrawal to someone else’s card, you can get a refusal or block your account altogether.
You can withdraw funds to your card, but issued by a foreign bank. There are no restrictions on the country, the main thing is that the card is issued in your name.
Top crypto exchanges
We have collected the top 5 reliable crypto exchanges that work and do not limit users of users.
- Binance – even the fact that you can’t buy cryptocurrency on the exchange through a card does not become a negative factor. Binance occupies the first line in all crypto exchange charts. Everyone knows about her. There are a lot of different functions and types of trading. Binance is an entire ecosystem with its own blockchain.
- Huobi is an equally popular crypto exchange created in China. The platform hosts contests and various token sales, thanks to which you can earn a fortune even with $50 in your account. Huobi also has its own p2p exchange platform.
- Bybit – the third line of the rating. 3.5 million weekly users. Liquidity pools, DeFi mining and p2p trading are available. Few tokens, but frequent sales of new projects that give good X’s.
- Gate is undoubtedly number one in terms of the number of available assets. There are more than 1300 of them. Five million users make transactions on the exchange every week and participate in contests and activities. The Gate exchange deserves to be in the TOP-5 of the rating due to its resources.
- Kucoin is a well-known, reliable and stable exchange. Many have heard about it, because the exchange is always in the top in terms of trading volume. The platform has implemented the functions of a bot, p2p trading, spot and futures. About 600 coins available for trading allow the exchange to get into the TOP 5 and earn the attention of every investor.
We recommend that you keep your funds in cold wallets, because be that as it may, exchanges are politically dependent. And at any moment, even the most famous and reliable exchange can make a knight’s move and block access to any user. Take care of your money and nerves. Read more often.