Binance will stop accepting Mastercard and Visa cards issued in Russia

The company stated that the restrictions will only affect the crypto-fiat side of the exchange

08.03.2022 - 15:15

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What’s new? The Binance cryptocurrency exchange will stop accepting Mastercard and Visa cards issued in Russia. The restrictions will take effect on March 10 at midnight Moscow time. This is stated on the company’s blog.

Information on the Binance blog

What does the company say? Binance stated that the restrictions will only affect the crypto-fiat side of the exchange. The customers are still allowed to use Russian bank cards for P2P trading. The exceptions were credit institutions hit by Western sanctions. The blog says:

“All transactions initiated with Mastercard and Visa cards issued in Russia will be unavailable on Binance. In addition, all transactions initiated with Mastercard and Visa cards by financial institutions outside of Russia will also be unavailable within the Russian Federation on Binance.”

What had happened before? The company’s CEO Changpeng Zhao stated that the platform complies with the imposition of restrictions against the Russian Federation, but does not intend to block access to the site of persons who are not on the sanctions lists.

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