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March 3, 2022

Binance Restricts Access For Cardholders of Sanctioned Russian Banks

Binance announced on Thursday that cryptocurrency traders accounts with sanctioned Russian banks will be unable to use their cards to purchase cryptocurrency on the platform. The exchange also confirmed that its services are no longer available in Russia.

Binance joins the list of companies and financial institutions that have suspended operations in Russia since the country launched its attack on Ukraine.

Prior to today’s announcement, Binance, along with other cryptocurrency exchanges such as Kraken and Coinbase, refused to heed Ukraine’s prime minister’s plea, claiming that denying every Russian access to cryptocurrency contradicts the very reason the asset was created.

The companies did, however, state that they would screen their customers and restrict sanctioned individuals. The crypto exchanges claimed that isolating an entire nation would contradict the ideology of fiat and cryptocurrencies.

In the meantime, the ongoing geopolitical conflict between Russia and Ukraine has demonstrated that bitcoin is a secure haven for investors during times of war and crisis.

According to a new report, the global financial market has entered a climate of fear, doubt, and uncertainty (FUD) immediately following the invasion of Ukraine, causing risk assets such as stocks and bitcoin to plummet dramatically. However, the cryptocurrency recovered quickly, outperforming other assets in terms of value.

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