Binance, the world’s leading cryptocurrency exchange, now accepts Russian bank cards for deposits. Kod Durova reports that Russian bank cards, including Visa and Mastercard, can also be used to deposit money.
Reports show that Binance accounts may be funded via the Russian payment service Qiwi, by selecting the option ‘bank cards’. The fiat currencies supported include the Russian ruble (rubel), British pound (pound sterling), Turkish lira and euro. However, the U.S. Dollar is not one of them.
Binance stopped all transactions using Russian cards in March 2022. This was shortly after Moscow’s full-scale invasion into Ukraine began late in February. Visa and Mastercard both suspended their operations within Russia in response to Western sanctions.
The conversion of rubles to cryptocurrency is not a problem. Kod Durova noted that an order to USDT was made without any commission.
Reports claim that the limit of EUR10,000 for Russian accounts has been lifted
According to Binance’s technical support, Russian cryptomedia reported last week that Binance had also removed the EUR10,000 ($11,000.00) limit for Russian accounts. was imposed to comply with the EU’s Fifth Package of Sanctions in April 2022.
As part of its eighth set of sanctions, the European Union took it a step further in October by imposing a complete ban for the provision of any wallet, account or custody service related to crypto assets.
Binance’s support agent confirmed to RBC Crypto that the limit had not been removed. However, no official announcement was made. Later, the company stated that it is prohibited for its EU-registered companies to provide services to Russian organizations and citizens.
The platform and its legal entities are fully compliant with all current sanctions imposed on Russian citizens.
Andrey Tugarin is a legal expert who was quoted by Bits.media a leading Russian crypto news outlet. According to Tugarin the Binance could have transferred Russian users into an entity located in another jurisdiction, as EU restrictions only apply to the European Union.
Bits.media cited another message from platform support regarding card payments. According to this message, ‘The service has not been implemented to all users yet and is still in testing mode. Most Binance users are already able to transact using the Qiwi Wallet.
