Binance explained the blocking of cards of sanctioned banks on the P2P platform

The cryptocurrency exchange Binance has excluded the cards of Russian banks, which are under sanctions, from the P2P platform

21.03.2022 - 10:30

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What’s new? . This information was confirmed by representatives of the site to GetBlock Magazine. Binance explained that all ads containing banned payment methods were automatically closed. Users from Russia will be able to continue using P2P platform Binance with other payment methods, according to representatives of the crypto exchange.

What preceded it? Previously, Binance began blocking the ads of merchants who used the cards of sanctioned Russian banks in their work. The P2P platform removed users' ads, offering them to choose other payment methods.

What did the platform's users do? Binance P2P customers have found a new way around restrictions. Now they choose the “Transfer with specific bank” category for their ads to buy or sell cryptocurrencies. Merchants then indicate the bank involved in the description of the transaction (SberBank, VTB, Alfa-Bank, and others). Some users use different ways to disguise the name of the bank. For example, merchants can use the phrase “green bank” to describe SberBank.

Binance and sanctions. In early March, the cryptocurrency exchange closed access to trading for people and organizations from sanctions lists. Also, since March 10, users of the trading platform lost the ability to deposit and withdraw funds using Visa and Mastercard cards issued in Russia.

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