Binance Resumes Support for Russian Bank Card Transactions

04/23/2023 07:54 • Metaverse Matters • 159 views

It is reported that Binance, the cryptocurrency exchange, has resumed support for Russian bank card transactions, including credit cards from Visa and Mastercard payment systems. Russian cardholders can recharge their accounts with ruble, Türkiye lira, pound, euro, Kazakhstan tenge, Australian dollar, Ukrainian hryvnia, Czech koruna and other currencies. Do not provide USD deposits.

Binance Restores Support for Russian Bank Card Transactions

Introduction

Binance, one of the world’s largest cryptocurrency exchanges, has resumed support for Russian bank card transactions, which includes credit cards from Visa and Mastercard payment systems. After a brief period of suspension, Russian cardholders can now recharge their accounts with several currencies, including ruble, Türkiye lira, pound, euro, Kazakhstan tenge, Australian dollar, Ukrainian hryvnia, and Czech koruna.

The Suspension

In March 2020, Binance suspended support for Russian bank card transactions to comply with the country’s new anti-money laundering law. As a result, Russian users could only use bank transfers to fund their accounts. However, the exchange announced in January 2021 that it had resumed support for Russian ruble deposits through the Advcash payment gateway.

The Resumption of Support

The recent resumption of support for bank card transactions allows Russian users to fund their accounts on Binance more conveniently. Binance has also expanded its support for other currencies, excluding US dollars. Therefore, users can now deposit funds in their preferred currency without going through a secondary conversion process.

Benefits for Russian Cardholders

The resumption of bank card transactions is a significant development for Russian cardholders. This change not only makes it easier to transfer funds, but it also enhances the security of transactions. Furthermore, using bank cards is a much simpler and more straightforward process than using bank transfers.

Binance’s Commitment to Compliance

Binance has been working diligently to address regulatory concerns in several countries. The exchange has been compliant with the new Anti-Money Laundering (AML) laws in a lot of jurisdictions. It is also committed to maintaining its reputation as a transparent and trustworthy platform.

Conclusion

The resumption of support for bank card transactions by Binance will undoubtedly benefit Russian cardholders by providing more convenient options for funding their accounts. This change also reflects the exchange’s commitment to compliance and meeting regulatory requirements.

FAQs

#1. Can Russian users deposit funds with US dollars on Binance?

No, Binance has excluded US dollars from its list of supported currencies for bank card transactions.

#2. Is Binance compliant with AML laws?

Binance has been working to comply with AML laws in several jurisdictions, including Russia.

#3. How does the resumption of bank card transactions benefit Russian users?

The resumption of bank card transactions makes it easier and more convenient for Russian users to fund their Binance accounts without having to use bank transfers.

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