Binance To Release Binance Card In Russia Despite Ban On Crypto Payment

Jyoti  |  Sep 7, 2020

Although Russia has imposed a ban on the payments of cryptocurrency, the world’s largest crypto exchange, Binance, has still decided to introduce its Binance Card in the country.

On September 07, the senior executive at Binance announced that soon the crypto exchange would be issuing its debit card in Russia.

Binance Card Complies With Russia’s Local Regulation

The head of operations for Russia and the CIS at Binance, Gleb Kostarev, has recently stated that the exchange intends to offer the same kind of experience through its services to the users. He further mentioned that while offering its services to the users the exchange keeps in mind that it complies with local regulations of the country. 

Presently, Kostarev has not declared the date for launching the card in the country. 

He also stated, “We are working on the launch of the Binance card in Russia, but so far we cannot designate the exact date launch or give any legal opinion on this issue at the moment.”

Binance introduced its Binace debit card in April 2020, in order to help the customers make their payments in cryptocurrencies.

‘On Digital Financial Asset Law’ In Russia

Initially, while making an announcement about the Card, the exchange notified that the person who has it is allowed to keep HODLing and they do not have to spend more while processing any payment.

Binance Card has been designed as a tool which could be used by the customers to make payments in cryptocurrency, and that is the reason many questions are being raised for its introduction in Russia.

According to the reports, in July 2020, a crypto-related law was passed by the President of Russia Vladimir Putin. The law stated that from January 2021, none of the Russian citizens are allowed to process their payments in cryptocurrencies.

However, Kostarev believes that to date the law has not affected the business of Binance in Russia. 

Additionally, he stated that the ‘On Digital Financial Assets’ law of Russia has remained neutral towards cryptocurrencies and it did not affect crypto assets turnover.

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