Cryptocurrency exchange Binance has just announced it will no longer support transactions with Visa and Mastercard cards issued in Russia.
As reported by the trading platform, the restrictions will come into effect today at 21:00 UTC. According to the announcement:
"All transactions initiated with Mastercard and Visa cards issued in Russia will be unavailable on Binance. In addition, all transactions initiated with Mastercard and Visa cards by financial institutions outside of Russia will also be unavailable within the Russian Federation on Binance."
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A Binance spokesperson has reported the restrictions will only apply to the exchange's cryptocurrency-to-fiat service. As part of P2P trading, users of the platform can use cards of Russian banks, the only exception being sanctioned credit organizations.
The exchange's CEO Changpeng Zhao has previously said the platform complies with sanctions against Russia, but will not restrict access to the platform to people who are not on the sanctions lists.