March 8, 2022

Binance: Mastercard and Visa cards on halt in Russia

Binance has put Mastercard and Visa cards on halt in Russia. All transactions with Mastercard and Visa cards outside Russia will also be unavailable within the Russian Federation on Binance.

However, people can still be able to use Mastercard and Visa for domestic transactions in Russia.

Russia’s homegrown payments system, Mir, stated that the cardholders can access their funds till the expiry date of the card.

PayPal has shut down its services in Russia. It will allow withdrawals “for a period of time, ensuring that account balances are dispersed in line with applicable laws and regulations”.

Binance's founder, Changpeng Zhao, fears that bitcoin and crypto might be used by Russia to dodge sanctions. 

"Currently, the media and politicians are spending a lot of effort and focus on crypto and sanctions," CZ added.