Binance will block transactions from Russian Mastercard and Visa cards

Binance will block transactions from Russian Mastercard and Visa cards

Key points to remember

  • Binance said that Russian Mastercard and Visa cards will no longer be accepted as a transaction method from Wednesday.
  • Binance and its CEO suggested that the decision was made in light of these companies’ policies, and not of their own volition.
  • Mastercard and Visa announced on Saturday that they would cease operating in Russia in opposition to the invasion of Ukraine.

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Binance has announced that it will suspend support for Mastercard and Visa cards issued in Russia starting this week.

Binance will limit Russian credit cards

In one blog post today, Binance said that Russian-issued Visa and Mastercard credit cards will no longer be available as a transaction method on its cryptocurrency exchange. He also suggested that Russian users will not be able to use Mastercard and Visa cards issued by institutions outside of Russia.

The policy applies to “all transactions initiated” with these cards, according to the wording of the announcement. The new policy will begin tomorrow, with the rules taking effect Wednesday, March 9 at 21:00 UTC.

It’s unclear whether the restrictions will extend to Binance affiliates that offer credit card integration, like the company’s newest launch. Bifinity payment service.

CEO Comments on Restrictions

Binance’s post referred to “recent decisions by Visa and Mastercard” as the reason for the new policy. On Saturday, Visa and Mastercard announced they would suspend operations in Russia in opposition to Russia’s invasion of Ukraine.

Binance CEO Changpeng Zhao also hinted that the policy change was an act of compliance. “It’s not in our hands. Not our decision,” he said. said on Twitter after the announcement.

Zhao has previously called a complete ban on Russian users unethical and said Binance will mostly comply with government sanctions.

It seems that today’s action still does not represent a total ban on Russian customers. Russian users can use other payment methods to fund their Binance accounts, such as bank transfers, third-party payment processors, and cryptocurrency deposits.

Still, today’s announcement suggests that the number of options available to Russian investors is gradually shrinking.

The news comes a day after Coinbase announced it had blocked 25,000 addresses with Russian links, and days after reports of widespread bans on Russian intellectual property among South Korean exchanges.

Disclosure: At the time of writing this article, the author of this article owned BTC, ETH, and other cryptocurrencies.

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