Russia’s decision to invade Ukraine is now turning out to be very costly. In addition to sanctions imposed on Russia, the country is also witnessing financial isolation from the rest of the world. The two major players who suspended their services in the country are Mastercard and Visa.
This has caused trouble for Russians as they are unable to access their finances through these services.
Binance, a crypto exchange platform, announced on its website that it would no longer be able to process transitions through Mastercard and Visa cards. This goes into effect on March 09, 2022, from 21:00 UTC.
With a global reputation of being the best, it seems that Binance was left with no choice after all. Since the time Mastercard and Visa suspended their services in Russia, there have been speculations on how a Crypto exchange platform, like Binance, would function.
The announcement published on the website of Binance also stated that all transactions by financial institutions outside of Russia would also not be processed if they fall under the Russian Federation on Binance.
Binance had earlier said that it would not freeze the accounts of its Russian users. However, with financial players withdrawing their services, Binance is left with no other option but to stop processing transactions that are initiated through those players.
Changpeng Zhao, the Chief Executive Officer of Binance, published a tweet saying that the situation was out of the platform’s hands and it was not their decision to pause the transactions.
In addition to not accepting transactions through Mastercard and Visa, Binance has also said that it plans to take measures against users who are under sanctions.
The announcement is less likely to affect the reputation of Binance. Founded in 2017, Binance has now gone on to achieve the top post in the world for being the most preferred Crypto exchange among the community members.
Binance offers its native currency – BNB – and also lists more than 100 Cryptocurrencies from around the world. Its trading fee is a minimum of 0.1%. However, the withdrawal fee is dynamic and depends on one situation to another.
The platform is considered responsible for making cryptocurrency a mainstream financial option. It even succeeded in getting thousands of people comfortable with crypto trading. You may read this comprehensive Binance review here to gain more insights.
Binance supports 19 fiat currencies at the time of writing. Other features include eWallets and Mobile Trading.
Mobile Trading enables the users to trade from anywhere they want. There is no restriction on time as well. One could be traveling and trading Cryptos at the same time.
eWallets helps the platform to run its operations in a modern digital manner. The digital wallet allows the platform to deposit and withdraw funds easily, with some eWallets offering decent interest on the deposits.