Binance has suspended fiat deposits made using certain Russian-issued bank cards

Customers of some sanctioned Russian banks are unable to deposit or purchase cryptocurrency on Binance.

While some Russian customers attempted to deposit fiat or acquire digital assets on Binance today, they saw a warning screen telling them that local bank cards are not now supported.

“You are hereby notified. “At the moment, we do not support bank cards issued in your nation,” the warning said.

On the plus side, the exchange has announced that it is already “working to make this a reality as quickly as possible.”

Notably, neither Binance Russia’s Telegram support channel nor its official Twitter account have made any comparable statements. On the contrary, the exchange’s Telegram administrators assert that “Binance is running properly at the moment.”

Similarly, a representative for Binance Russia told CryptoSlate that “there must have been a mistake.” “Nothing has been blocked,” they responded to an inquiry. “This is almost certainly a mistake. If we make a change, we notify [our users].”

CryptoSlate was able to confirm that Binance is refusing to accept cards issued by Sberbank (one of the organisations recently targeted by different western sanctions).

On the other hand, several customers stated that cards issued by Tinkoff, for example, were not impacted by the service interruption. Notably, no sanctions on this Russian bank have been levied so far.

As previously reported by CryptoSlate, various areas of Russia’s economy are presently experiencing declines in the aftermath of the country’s invasion of neighbouring Ukraine.

Other nations (including the United States and several EU members) issued tough economic measures against Russia over the weekend, including the suspension of several local banks’ access to the Society for Worldwide Interbank Financial Telecommunications.

While these restrictions were “carefully chosen” to avert a German energy crisis, their repercussions are already being seen in Russia’s economy. As the ruble depreciates, some users are apparently paying up to $20,000 more for Bitcoin than the market cost.

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