Russian-Issued Mastercard and Visa Cards Won’t Work on Binance Soon
World’s largest cryptocurrency exchange Binance has announced that it will not be able to process transaction for Russia-issued Mastercard and Visa, due to the payment giants operation suspension in the country.
Binance, wrote in a blog post, saying that as both Visa and Mastercard are suspending operations in Russian, credit cards issued in the country will no longer be available as a transaction method on the cryptocurrency exchange.
The announcement read:
“Effective Wednesday, 2022-03-09 21:00 UTC (Thursday, 2022-03-10 00:00 UTC+3) – due to recent decisions by Visa and Mastercard – 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.”
The announcement didn’t detail, if the restrictions will extend to Binance subsidiaries that offer credit card integration, such as the company’s newly-launched Bifinity payments service.
Binance’s post referred to “recent decisions by Visa and Mastercard” as the reason for the new policy. Last week, Visa, Mastercard and PayPal announced that they would suspend operations in Russia.
Binance CEO Changpeng Zhao tweeted: “This is out of our hands. Not our decision.”
