Binance has banned foreign currency traders in the country from doing transactions in foreign currencies.
Binance, the world's biggest cryptocurrency exchange by trading volume, is considering a complete withdrawal from the Russian market, the Wall Street Journal reported on Monday.
Binance's possible exit may come as a response to regulatory challenges that the company is grappling with within the country.
All options are on the table, including a full exit, a company spokeswoman said.
Binance recently said that Russian users can now trade on P2P peer-to-peer platform in fiat currency in rubles only. Local users who have passed Binances know their customer KYC verification are not allowed to access the option.
In addition, rubles are no longer an option for non-Russian users.
Binance has stopped allowing deposits from Visa and Mastercard cards issued in Russia in March 2022 because of Ukraine-related sanctions imposed by Western nations on Moscow.