Binance, one of the world's largest cryptocurrency platforms, has recently enabled its customers in the Russian Federation to make deposits and trades using their Visa and Mastercard bank cards with a 1.2% fee. This is a unique offering, as the company had previously ceased transactions with cards issued by Russian Federation banks in March 2021, following international sanctions imposed against the country. Individuals with less than 10,000 euros in cryptocurrency were allowed to continue trading but those with larger amounts were prevented from making deposits or trading.

In April 2023, Binance seemed to have relaxed its restrictions, reportedly providing a pathway for customers to resume trading with their bank cards. Despite this change, the exchange is still enforcing limitations due to the EU sanctions against Russian persons. Customers in the country cannot make deposits directly to the ruble balance on the platform, but must instead use the Qiwi payment provider. Withdrawal of rubles to their bank cards is also facilitated through Qiwi.

The measures by Binance to provide a means of trading for customers in the Russian Federation coincides with the nation's efforts to build alternative payment systems in an attempt to mitigate the impacts of the sanctions. This includes collaboration between the Central Bank of Russia and the Turkish Central Bank and the creation of an interbank payment network between Russia and Iran. Coincidentally, these moves create easier and more direct access to cryptocurrency trading and investment.



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