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