Binance Card and Upcoming Ban on Crypto Payments

Cryptocurrency giant Binance is the world’s largest crypto exchange in the world when it comes to daily trading volume. The cryptocurrency giant plans to launch Binance Card in Russia despite the upcoming ban on crypto payments. 

Based on the information provided by the representative of the world’s largest crypto exchange, the plan to introduce the Binance Card in Russia comes in line with its mission. Importantly, the Binance’s mission is to provide all users with the same experience that complies with local regulations.

Nevertheless, the cryptocurrency giant is not ready to announce the anticipated launch date. Moreover, the company is not ready to provide a legal comment regarding this topic at the moment. 

Russia is an important market for Binance. It is not surprising that despite the upcoming ban on crypto payments, the cryptocurrency giant does not want to change its plan regarding the Russian market.

Binance Card and cryptocurrencies in Russia

Binance Card is a crypto debit card. This card enables payments in cryptocurrencies like Bitcoin. Interestingly, this card officially debuted in countries of the European Economic Area in July 2020. 

It is worth noting that, this card represents a crypto payment tool by design, the product’s rollout in Russia raises some questions. 

As a reminder, Rusian President Vladimir Putin signed the country’s first crypto-related law in July. Russian residents will not be able to make crypto payments starting from January 2021.

According to the representative of the world’s largest crypto exchange, the newly passed law did not affect Binance’s business in any way. The new law does not prohibit crypto assets turnover. Interestingly, the adopted version of the law does not fully cover all aspects of cryptocurrency regulation. However, the cryptocurrency giant expects additional threats to the industry. It makes sense as Russian regulators plan to introduce another crypto-related bill and can amend passed legislation.