Major cryptocurrency exchange Binance announced Tuesday that it will decline transactions coming from Mastercard and Visa cards issued in Russia from March 09, 2022, 21:00 UTC. In addition, all transactions initiated through the two internationally will also be unavailable within the Russian Federation on Binance.
The decision came after the two payments giants suspended their operations in Russia in the wake of the country’s invasion of Ukraine. Both the companies are also contributing $2 million each as humanitarian aid to war-stricken Ukraine.
Meanwhile, Binance founder and CEO Changpeng Zhao clarified in a tweet that the new guidelines were not made of Binance’s own volition, but rather they were implemented due to Visa and Mastercard policies.
This is out of our hands. Not our decision. https://t.co/K3mH75Ul3B
— CZ 🔶 Binance (@cz_binance) March 8, 2022
Apart from Visa and Mastercard, PayPal and American Express took similar steps and suspended their operations in Russia. The recent move came after the European Union decided to cut off some Russian-based financial institutions from the SWIFT payments network, isolating the country’s finances from the rest of the world.
Written by: Gauri Bhatia
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