Binance, a cryptocurrency exchange, has suspended transactions with Russian Federation-issued Mastercard and Visa cards. After the American payment companies chose to halt operations in Russia due to its armed invasion of Ukraine, the trading platform announced the change.
Russians Can’t Use Mastercard or Visa Cards On Binance
All transactions begun using Mastercard and Visa cards issued in Russia will be inaccessible on Binance starting March 9th. The decision follows the US payment processors ceasing their operations in the Russian Federation.
Already Visa & Mastercard Have Hit Back At Russia By Imposing Sanctions Over Ukrainian Invasion.
According to Forklog, which cited a business official, the limits solely apply to Binance’s crypto-to-fiat service. Traders will still be allowed to use Russian cards in peer-to-peer transactions, with the exception of those issued by banks that have been sanctioned, according to the spokeswoman.
In the midst of Russia’s armed invasion of Ukraine, Kyiv has asked crypto exchanges to block all Russian users’ accounts. While certain platforms, such as Coinbase in the United States and Upbit and Bithumb in South Korea, have applied limitations, large global exchanges such as Binance and Kraken have refused to arbitrarily freeze the accounts of all Russian users.
Russians have flocked to the digital asset market as the West tightens financial sanctions on Moscow, with reports indicating a surge in Russian currency trade, particularly on Binance. Changpeng Zhao, the exchange’s founder, and CEO indicated earlier in March that the exchange followed sanction laws without restricting access to regular Russian residents who were not on the sanction lists.
Binance has also contributed to the funding of humanitarian aid initiatives in Ukraine. The exchange announced a $10 million gift to the people of Ukraine who are suffering from the military war, while the Binance Charity Foundation donated $2.5 million in cryptocurrencies to Unicef.