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On Thursday, Binance, the world's largest crypto exchange by trading volume, announced that it was restricting services to users in Russia to stay in line with European sanctions.

Russians who hold more than 10,000 Euros ($10,900) worth of cryptocurrency will see their accounts move to withdrawal-only mode, allowing them to still take out their digital assets. The restrictions will apply to all spot, futures, custody wallets, and staked and earned deposits, the company said.

"While these measures are potentially restrictive to normal Russian citizens, Binance must continue to lead the industry in implementing these sanctions," Binance said about the new European sanctions targeting digital assets.

The company said the change would not impact Russians living outside the country or Russian users and businesses with accounts below 10,000 Euros.

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Affected Russians with futures or derivatives positions that are still open will have three months to close the positions, with no option to acquire new positions, the company added.

Binance's restrictions comes on the heels of the European Union's latest tranche of sanctions, which sought to close loopholes and prevent Russia from using cryptocurrencies and crypto wallets to evade sanctions.

It also comes as the White House announced $500 million in direct aid to Kiev on Thursday morning, along with $800 million for Ukraine's armed forces and a new prohibition on Russian ships entering U.S. ports.

Europe's fifth round of sanctions primarily looked to block well-resourced Russians from moving money overseas or through crypto wallets. Among its restrictions are prohibitions on selling transferable securities and bank notes and limiting crypto wallets that can be used for storing cryptocurrencies by Russians looking to hide their wealth and escape sanctions.