Binance Holdings Ltd., the world’s largest cryptocurrency exchange by trading volume, is set to limit services for Russian nationals following the European Union’s latest sanctions against Moscow.

The firm will reduce services to Russian persons or entities with crypto assets exceeding the value of €10,000 , according to a person with direct knowledge of the matter, who requested anonymity as the matter is private.

Earlier this month, the EU approved a ban on higher-value crypto transactions with Russia, part of sweeping sanctions triggered by the attack on Ukraine.

"While these measures are potentially restrictive to normal Russian citizens, Binance must continue to lead the industry in implementing these sanctions,” Chief Executive Officer Changpeng Zhao said in emailed comments. "We believe all other major exchanges must follow the same rules soon.”

Accounts impacted by the restrictions will be put into withdrawal-only mode, the person said, and no deposits or trading will be permitted.

Russian nationals and legal entities established in Russia with crypto account balances exceeding €10,000 will have 90 days to close their positions, the person said.

 - Bloomberg