Key Takeaways
- Binance has said that Russian Mastercard and Visa cards will not be accepted as a transaction method starting Wednesday.
- Binance and its CEO have suggested that the decision was made in light of those companies’ policies, not of its own volition.
- Mastercard and Visa announced on Saturday that they would stop operating in Russia in opposition to the invasion of Ukraine.
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Binance has announced that it will suspend support for Russia-issued Mastercard and Visa cards beginning this week.
Binance Will Restrict Russian Credit Cards
In a blog post today, Binance said that Visa and Mastercard credit cards issued in Russia will no longer be available as a transaction method on its cryptocurrency exchange. It 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 those cards, according to the phrasing of the announcement. The new policy will begin tomorrow, with the rules taking effect at Wednesday, March 9 at 9:00 p.m. UTC.
It is unclear whether the restrictions will extend to Binance subsidiaries that offer credit card integration, such as the company’s newly-launched Bifinity payments 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 that they would suspend operations in…
