Binance crypto-exchange has stopped all transactions with Mastercards or Visa cards issued in Russia Federation. After the American payment giants stopped operations in Russia due to its invasion of Ukraine, the trading platform Binance announced this move.
Russians Cannot Use their Visa and Mastercards on Binance
Binance will stop accepting Mastercard transactions and Visa purchases made with Russian Visa cards. The world’s largest cryptocurrency exchange by trading volume explained this is due to the U.S. payment processors’ decision to suspend their activities in the Russian Federation.
In line with policy changes made by both financial service corporations, the platform also noted that transactions with Mastercard or Visa cards from financial institutions other than Russia would not be possible on Binance.
The restrictions apply only to Binance’s crypto-to-fiat service, Forklog reported, quoting a representative of the company. The spokesperson explained that traders will be allowed to continue using Russian cards for peer-to-peer transactions – except when issued by banks subject to sanctions.
Kyiv issued an appeal to crypto exchanges for all Russian users to be blocked amid ongoing Russian military aggression on Ukraine. Although some platforms like the U.S. Coinbase, the South Korean Upbit, and Bithumb have placed restrictions on certain users, the major global exchanges Binance, Kraken, and Kraken refused to freeze all accounts from Russian-based users.
Russians are now turning to digital assets markets as financial sanctions have been imposed by the West on Moscow. Reports show that there has been a surge in Russian ruble trading on Binance, among other places. Changpeng Zhao, the founder of the exchange and its CEO stated that the exchange is following sanctions rules but does not restrict access to ordinary Russian citizens who aren’t on those lists.
Binance also actively participated in funding humanitarian assistance in Ukraine. Binance Charity Foundation donated $2.5 million to Unicef and announced a $10 million donation for Ukrainians affected by the conflict.
You can support Ukrainian families, children, refugees, and displaced people by donating BTC, ETH, and BNB to Binance Charity’s Ukraine Emergency Relief Fund.
Are you concerned that Russian cryptocurrency traders will be subject to more restrictions in the future on exchanges? Comment below.
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