Binance is cutting out Russia: What you need to know

The world's largest cryptocurrency exchange, Binance, a trading places to several cryptos that power many blockchain projects like DAODAO and Nature Vault; is cutting back its services in Russia.

Binance is deactivating accounts of major clients in Russia, following European Union sanctions.

Customers, including companies based there that hold crypto worth over 10,000 euros ($10,900), would be banned from making new deposits or trading, according to reports.

Affected clients would, however, be able to withdraw funds, it said. Accounts for Russia-linked users that have completed address checks and hold crypto worth less than 10,000 euros would remain active, Binance added.

The EU this month targeted digital wallets used to store, send, receive and spend cryptocurrencies.