Binance has restricted withdrawals to Visa and MasterCard cards for users in Ukraine

Binance, the largest cryptocurrency exchange, announced new restrictions for clients in Ukraine. The changes affected bank card transactions and some automated cryptocurrency purchase features. The restrictions came into effect on December 29 and have already impacted the way users typically interact with fiat funds.

What operations are no longer available?

Since the end of December, Ukrainian Binance users can no longer make direct withdrawals to Visa and MasterCard bank cards. Furthermore, the Recurring Buy feature—the automated, regular purchase of cryptocurrency—has been disabled. All previously created recurring orders have been suspended, and limit orders for purchasing crypto assets with fiat funds have been canceled.

It is important to note that the restrictions apply specifically to withdrawals and automated transactions. Ukrainian users can still deposit funds to the exchange.

What deposit and withdrawal methods remain?

Despite the new restrictions, incoming transactions via Visa and MasterCard are still available to Ukrainian clients. You can also fund your account using Apple Pay and Google Pay, but withdrawals to these wallets are no longer possible.

For those looking for alternative fiat transactions, Binance has retained access to SWIFT transfers for both deposits and withdrawals. Additionally, users can withdraw funds using peer-to-peer trading, which allows them to directly exchange assets with other platform participants.

Reasons for the Changes and the Role of Bifinity

Binance has not officially disclosed the detailed reasons for the restrictions. However, in a comment to ForkLog, an exchange representative explained that the changes only affected Ukrainian users who previously used the Bifinity service.

Bifinity (formerly known as Binance Connect) is a payment infrastructure designed to facilitate transactions between fiat and cryptocurrency. According to a Binance representative, Bifinity will be terminating services to its users as of December 31st due to regulatory changes, which were the key factor behind the restrictions.

Binance’s Experience in Other Jurisdictions

The situation in Ukraine is not unique to Binance. The exchange began gradually introducing restrictions for Russian clients back in 2022. In April, services were terminated for Russian citizens with assets exceeding €10,000, and later, the accounts of individuals subject to international sanctions were blocked.

In September 2023, Binance announced a complete shutdown of its services in Russia, and on January 31, 2024, support for Russian ruble transactions was permanently suspended. These steps demonstrate that the exchange is consistently adapting its operations to international regulatory requirements.