Binance Restores Support for Russian Bank Card Transactions

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

I. Introduction
II. Binance Resumes Support for Russian Bank Card Transactions
III. Why Did Binance Stop Supporting Russian Bank Card Transactions?
IV. What Happened During the ‘Suspending’ Period?
V. What Are the Alternatives for Russian Users?
VI. Conclusion
VII. FAQs
Table 2: Article
# Binance Resumes Support for Russian Bank Card Transactions
Binance has reinstated support for transactions made using Russian bank cards, including credit cards from payment systems Visa and Mastercard, according to recent reports. Russian users of the cryptocurrency exchange can now top up their accounts with rubles as well as several other major world currencies, including Türkiye lira, pound, euro, Kazakhstan tenge, Australian dollar, and Ukrainian hryvnia. However, it should be noted that Binance no longer accepts USD deposits.

Why Did Binance Stop Supporting Russian Bank Card Transactions?

Back in 2020, Binance suspended support for credit card transactions made using several currencies in Russia and other countries in the Commonwealth of Independent States (CIS). The decision was attributed to an increase in fraudulent activities, according to a statement released by the exchange.

What Happened During the ‘Suspending’ Period?

Throughout the suspension period, Binance collaborated with a number of third-party payment providers in order to come up with alternative payment solutions for Russian and CIS-based users, including users who wanted to deposit USD on the platform.

What Are the Alternatives for Russian Users?

After the initial suspension, Russian users were advised to use alternative payment methods such as bank transfers, Advcash, WebMoney, Payeer, and other payment platforms that support cryptocurrency purchases. These payment solutions were not affected by the suspension and users could continue to make instant deposits and withdrawals through them.

Conclusion

With the resumption of support for Russian bank card transactions, Binance is aiming to provide more convenience and flexibility for Russian users who prefer to use this payment method. Nevertheless, the exchange has advised its users to be cautious and to take the necessary security measures in order to protect themselves against scams and fraudulent activities.

FAQs

Q1. Why did Binance stop supporting Russian bank card transactions?
Binance suspended support for Russian bank card transactions back in 2020 due to an increase in fraudulent activities.
Q2. What happened during the suspension period?
During the suspension period, Binance worked with a number of third-party payment providers to come up with alternative payment solutions for Russian and CIS-based users.
Q3. What are the alternatives for Russian users?
After the initial suspension, Russian users were advised to use bank transfers, Advcash, WebMoney, Payeer, and other payment platforms that support cryptocurrency purchases.