Binance Supports Visa and MasterCard Ban in Russia

By | March 9, 2022

As the latest cryptocurrency news reports, major crypto exchange platform – Binance – continues to show its support to Ukraine in light of the Russian invasion. After Visa and MasterCard announced their withdrawal from the Russian Federation, Binance stated that it will also block all transactions from the Russian cards of these payment networks.

As of today, at 9 pm UTC, all Visa and MasterCard cards, which were issued in Russia, won’t be accepted on the crypto platform. In its statement, the company also suggests that users of Binance in Russia won’t be able to use cards issued outside of their country.

At the time present, it is unclear whether this restriction extends to the Binance subsidiary services, such as Bifinity payments.

The CEO of the crypto firm. Changpeng Zhao, commented on the company’s decision, stating that it was an act of compliance with MasterCard and Visa’s new policies.

Earlier, the crypto exchange company donated $10 million to the Humanitarian Effort in Ukraine and created a crypto crowdfunding platform to provide aid to Ukraine – the Ukraine Emergency Relief Fund.

Is Binance available in Russia?

For the time being, ordinary Russians still have access to the leading crypto exchanges, including Binance. The company, however, will block all activity of individuals on the US sanction list.

In his official statement, the company CEO stated that Binance scrupulously follows international sanction rules.

Other prominent crypto platforms, such as Coinbase, KUNA, WhiteBit, and QMALL also imposed restrictions on some Russian activity.

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