Binance plans to go ahead with its crypto card in Russia despite upcoming strict regulations.

Crypto exchange giant Binance will not give up launching the Binance Card in Russia despite the upcoming ban on crypto payments.

Binance, one of the leading crypto exchanges in the world by daily trading volume, is working on the rollout of its crypto debit card in Russia. The Binance’s head of operations for Russia and the CIS, Gleb Kostarev, revealed that they plan to introduce Binance Card in Russia. It comes in line with Binance’s mission to provide all users with the “same experience that is fully compliant with local regulations,” he noted. Binance has not made any official announcement about the project or mentioned an anticipated launch date. 

 

Binance card enables payments in crypto. 

Binance Card is a crypto debit card that is designed to enable payments in cryptocurrencies like Bitcoin. “With the Binance Card, you can keep HODLing, and spend what you need to make a payment,” Binance Card’s initial announcement states. The Binance crypto card is anticipated to be accepted in 200 regions around the world. Binance Card officially debuted in countries of the European Economic Area in July 2020. Earlier this year, Russia’s President Vladimir Putin signed the country’s first crypto-related law, which prohibits Russian residents from making payments in cryptocurrencies like Bitcoin starting from January 2021. 

 

Binance card was launched in the European Economic Area in July. 

Binance Card was launched in countries of the European Economic Area in July this year. The new product will purportedly soon become available in the United States. The Swipe-powered card is currently available in 31 countries within the EEA, including countries like France, Germany, Italy, and Spain. 

After passing the new law “On Digital Financial Assets,” in July 2020, Russia is preparing to pass another law, “On Digital Currency,” later this year. On Sept. 3, Russia’s Ministry of Finance proposed a set of amendments that would ban all crypto transactions except through inheritance, bankruptcy, and enforcement proceedings. 

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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