Paypal Joins Other Payment and Remittance Providers Suspending Services in Russia – Bitcoin News

A number of payment and remittance platforms, now including Paypal, have restricted access to their services in Russia as western sanctions over Moscow’s invasion of Ukraine continue to expand. Fintech companies have been limiting operations in the Russian Federation also in response to Kyiv’s call for help.

PayPal, the Payments Giant, Stops Services in Russia.

Paypal has joined a growing number of fintechs that support western sanctions against Russia following its invasion of Ukraine. On Saturday, the Russian Federation ended its service to the company that had previously offered only cross-border transactions to Russians.

Quoted by Reuters, President and Chief Executive Dan Schulman explained the move with “the current circumstances,” noting that Paypal stands with the international community and condemns Russia’s military aggression against Ukraine. This week, the platform stopped accepting Russian-based users.

Paypal spokesmen said that withdrawals would be possible for a limited time, but not yet specified. The payments giant intends to “ensure that account balances are dispersed in line with applicable laws and regulations.”

The announcement comes after calls from officials in Kyiv to suspend services in Russia and support Ukraine’s fundraising efforts. The U.S., California-headquartered company revealed before the weekend that it had “helped raise over $150 million for charities supporting response efforts.” The Ukrainian government and local NGOs have also received millions in crypto donations.

Paypal’s move comes after other payment and remittance platforms had already suspended certain services in Russia by the end of February. Wise was responsible for processing cross-border payments on behalf of Russian users. Remitly enabled the transfer and receipt of funds.

U.K.-based fintech Wise initially imposed a £200 ($265) daily limit on transfers to the Russian Federation but later suspended all money transfers as the U.S. and its European allies imposed more restrictions on the country’s financial system, including the expulsion of some Russian banks from the interbank payment system SWIFT.

Remitly has stopped supporting money transfers to Russian beneficiaries as a consequence of harsher sanctions. Other remittance services providers, such as Transfergo or Zepz, also introduced similar measures.

Revolut UK, which is located in the U.K. has stopped payments to Russia and Belarus. A statement posted on their websites said that Revolut was making every effort to make it possible for its users to send money to Ukraine. The company’s CEO Nik Storonsky wrote a blog in which he highlighted his Ukrainian and Ukrainian roots, and expressed opposition to war.

You can support Ukrainian families, children, refugees, and displaced people by donating BTC, ETH, and BNB to Binance Charity’s Ukraine Emergency Relief Fund.

What do you think about other payment processors joining the sanctions against Russia in response to its military attack on Ukraine? Please leave your comments below.

Lubomir Tassav

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.