Binance is helping Russia to move around the financial sanctions that have been imposed by the European Union and other countries since the invasion of Ukraine. After the removal of services from Visa and Mastercard in the country, Binance had disabled visa banking services from Russian banks in March. In May, the exchange went a step further and deactivated any accounts of its major clients who had crypto assets worth more than 10,000 Euros. As such, both withdrawals and deposits for those users were put on halt.

In order to alleviate the restrictions that their citizens were facing, Central Bank of Russia (CBR) took the initiative to integrate their domestic infrastructure with those of the foreign partners. Consequently, the bank is working actively on developing payment gateways that would be operative in collaboration with their counterparts in Turkey and Iran.

CBR is also working on a bill to legally allow cryptocurrencies to be used as a legitimate option for international transactions among its citizens. Moreover, many representatives of CBR voiced their eagerness to develop the digital Ruble platform in order to make it interoperable with corresponding CBDCs.

Moscow has been actively pushing to make its financial system ready with alternative technologies in the face of sanctions. Binance is taking on its part in this motion with its decision to enable users in the country to purchase crypto assets through their Russian bank cards. It is significant to note that, with the help of such digital facilities, Russia is now one step closer to alleviating the restrictions imposed on them.



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