Fun

Binance Suspends Transactions With Russian Mastercard and Visa Cards

News Feed - 2022-03-11 06:03:17

Binance Suspends Transactions With Russian Mastercard and Visa Cards


Crypto exchange Binance has blocked transactions with Mastercard and Visa cards issued in the Russian Federation. The trading platform announced the move after the American payment giants decided to halt operations in Russia over its military invasion of Ukraine. Russians Unable to Use Their Mastercard and Visa Cards on Binance


Starting on Wednesday, March 9, all transactions initiated with Mastercard and Visa cards issued in Russia will be unavailable on Binance. 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.


The platform further noted that all transactions initiated with Mastercard and Visa cards issued by financial institutions outside of Russia will be unavailable on Binance within the country, also in line with the policy changes announced by the two financial services corporations.


The restrictions apply only to Binance’s crypto-to-fiat service, Forklog reported, quoting a representative of the company. Traders will still be able to use Russian cards in peer-to-peer transactions, except those issued by banking institutions placed under sanctions, the spokesperson elaborated.


Amid an ongoing Russian military assault on Ukraine, Kyiv issued a call on crypto exchanges to freeze the accounts of all Russian users. While some platforms, such as the U.S. Coinbase and the South Korean Upbit and Bithumb have imposed restrictions, major global exchanges like Binance and Kraken denied the request to unilaterally freeze the accounts of all Russia-based users.


With the West expanding financial sanctions on Moscow, Russians have turned to the digital assets market with reports revealing a spike in Russian ruble trading, including on Binance. Earlier in March, its founder and CEO Changpeng Zhao stated the exchange was following sanction rules without limiting access for ordinary Russian citizens that are not on the sanctions lists.


Binance has also been actively involved in the financing of humanitarian efforts in Ukraine. The exchange announced the donation of $10 million for the Ukrainian people suffering from the military conflict and the Binance Charity Foundation gave Unicef $2.5 million worth of cryptocurrency.


You can support Ukrainian families, children, refugees, and displaced people by donating BTC, ETH, and BNB to Binance Charity’s Ukraine Emergency Relief Fund. Tags in this story bank cards, Binance, cards, Crypto, crypto exchange, Cryptocurrencies, Cryptocurrency, Exchange, Exchanges, MasterCard, operations, rubles, Russia, russian, suspension, transactions, Ukraine, ukrainian, VISA


Do you expect Russian traders to face more restrictions on cryptocurrency exchanges in the future? Tell us in the comments section below. Lubomir Tassev


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. Crypto Exchange Kraken Pledges Over $10 Million to Support Ukrainian Users EXCHANGES | 16 hours ago Binance Fully Resumes EUR and GBP Deposits and Withdrawals via SEPA, Faster Payments EXCHANGES | 4 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleCoinFLEX CEO Mark Lamb Explains How flexUSD Stacks up to Other Stablecoins Next articleThailand Approves Tax Relief Measures for Crypto Trading Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItStarlink Terminals Arrive in Ukraine as Elon Musk Makes Good on Promise


Spacex has managed to deliver Starlink equipment to Ukraine as promised by its founder, Elon Musk. The hardware will provide access to high-speed internet for users in the country, which has been experiencing disruptions in communications as a result of ... read more.Cambridge Centre for Alternative Finance Launches Digital Assets Research Project With 16 Banks Rwanda May Not Reach Decision on CBDC Issuance Until End of 2022 — Central Bank Official Proof-of-Work Ban Removed From Europe’s Proposed Crypto Regulation UK Regulator Bans Floki Inu Ad for Being Irresponsible, Exploiting Investor FOMO

News Feed

US State Wants to Lead in Crypto Acceptance — Colorado to Accept Crypto for Tax Payments This Summer
US State Wants to Lead in Crypto Acceptance — Colorado to Accept Crypto for Tax Payments This Summer The U.S. state of Colorado is preparing to accept cryptocurrency for tax paym
The Eerie Similarities of Today’s Great Monetary Shift and the Panic-Led Creation of the Federal Reserve System
The Eerie Similarities of Today’s Great Monetary Shift and the Panic-Led Creation of the Federal Reserve System While many Americans believe the U.S. Federal Reserve is the caret
Fintechs Accounted for Over 30% of Tracked Kenyan Tech Startups in 2022 — Study
Fintechs Accounted for Over 30% of Tracked Kenyan Tech Startups in 2022 — Study As of November 2022, Kenyan fintechs accounted for 30.2% or 93 out of the 308 tracked tech startup
Snaky Way Presale Live: AI Meme Coin $AKE Gears Up for Bull Run
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Coinbase Reveals European Expansion Plan — Seeks Licenses in Spain, Italy, France, Netherlands
Coinbase Reveals European Expansion Plan — Seeks Licenses in Spain, Italy, France, Netherlands Cryptocurrency exchange Coinbase has revealed its plan to expand in several Europea
Russians Aware of Bitcoin Divided on Proposed Crypto Ban, Poll Finds
Russians Aware of Bitcoin Divided on Proposed Crypto Ban, Poll Finds A new survey has indicated that Russians who have heard about cryptocurrency are deeply divided in their opinio
Biggest Movers: DOGE Extends Declines on Thursday, Falling by Nearly 9%
Biggest Movers: DOGE Extends Declines on Thursday, Falling by Nearly 9% Dogecoin was one of Thursday’s biggest movers, as the meme coin fell by as much as 9%. The decline co
Musk Mulls AI Startup to Rival Chatgpt Maker Openai, Report
Musk Mulls AI Startup to Rival Chatgpt Maker Openai, Report Entrepreneur Elon Musk is preparing to launch a startup that will compete with Openai, the creator of Chatgpt, a media r
Avalanche Co-Founder Emin Gün Sirer Discusses Macro Conditions and AVAX Sliding in Value
Avalanche Co-Founder Emin Gün Sirer Discusses Macro Conditions and AVAX Sliding in Value The price of Avalanche has slid significantly since the crypto asset’s all-time hig
Decentralized naming could bring ‘next billion’ users to Bitcoin
Ezra Reguerra34 minutes agoDecentralized naming could bring ‘next billion’ users to BitcoinSpaces Protocol founder Mike Carson argues that in light of the recent Squarespace DNS attack, domains should be decentralize
Ethereum MVRV Ratio Nears 160-Day MA Crossover – Accumulation Trend Ahead?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Digital Euro to Handle ‘Almost Unlimited’ Payments, Estonian Central Bank Says After Test
Digital Euro to Handle ‘Almost Unlimited’ Payments, Estonian Central Bank Says After Test A blockchain-based digital euro would be highly scalable allowing i