Binance Resumes Transactions With Russian Bank Cards
Binance, the cryptocurrency exchange, has resumed support for transactions with cards of Russian banks, without prior announcement. The service has returned including the plastic of Visa and Mastercard payment systems. However, deposits in US dollars are not available.
Binance has restored support for Russian bank card transactions, including credit cards from Visa and Mastercard, forklog reported. Binance blocked fiat-to-crypto exchanges for Russians after Russia invaded Ukraine. https://t.co/YPfwtgLgaN
— Wu Blockchain (@WuBlockchain) April 25, 2023
Payments in Multiple Currencies
Holders of Russian cards can now replenish their account in rubles, Turkish lira, British pounds, euros, Kazakh tenge, Australian dollars, Ukrainian hryvnias, Czech crowns, and other currencies. According to the “Durov Code,” the replenishment was implemented through the Qiwi payment gateway. The publication reports that the withdrawal of funds is carried out with a limit of 4300 to 200,000 rubles.
A Qiwi representative emphasized that the group of companies “does not have any cooperation agreements with the Binance platform, including in the field of providing a payment gateway.” The company noted that among the official suppliers of goods, works, services, in favor of which you can make a payment using the QIWI Wallet, there is no Binance. Like Visa, Mastercard, and Mir cards, one of the most popular QIWI services – namely Wallet – is used by individuals as a payment instrument on their own (or at their discretion).
Sanctions-Related Limitations
The Binance support service confirmed to the authorized user that transactions with cards of Russian banks are available again. However, an unauthorized user of the web platform, who allegedly is outside the Russian Federation, was told that deposits using plastic issued in Russia are not supported. The support service also stated that in accordance with the tenth package of EU sanctions registered in the territory of the European Union, Binance legal entities “are prohibited from providing services in the EU and EEA to legal entities established in Russia, as well as Russian citizens residing in the territory of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland.”
The situation remains unclear, as it is unknown why Binance resumed support for transactions with cards of Russian banks without prior notice. Some speculate that the move may be due to the company’s need for additional revenue streams, as it faces increasing regulatory scrutiny in many jurisdictions. However, Binance has not commented on the matter publicly.
