Binance Will not Give up the Launch of its new Crypto Debit Card in Russia

Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.
  • On September 7th, a senior executive of Binance announced that the exchange has been working lately on the launch of its new cryptocurrency debit card services in Russia.
  • The launch of the new services in Russia is fully in accordance with the local regulations and aims to provide same user experience worldwide.

Few weeks ago the Russian government passed a law on crypto assets. The law declared that cryptocurrencies would not be recognised as a form of monetary cryptocurrency which meant that payments using crypto would be banned from the next year. Any transactions involved with digital assets will require an exchange of Russian fiat currency first. However, more recently the cryptocurrency exchange Binance is forcing the launch of its new crypto debit card despite the country’s upcoming crypto payment ban. 

Binance’s Kostarev Says That the Launch is Fully According to the Local Regulations

On September 7th, a senior executive of Binance announced that the exchange has been working lately on the launch of its new cryptocurrency debit card services in Russia. Binance’s head of operations for Russia and the CIS, Gleb Kostarev says that the launch of the new services in Russia is fully in accordance with the local regulations and aims to provide same user experience worldwide. Kostarev further added that cryptocurrency market in Russia is important for them. Although he confirmed the developement procedures of the launch but he did not reveal the exact launch dates or any legal opinion regarding the ban of crypto payments that followed. 

The new Service Will Allow Users to Easily pay for Products Using Crypto

As of now Binance is the largest cryptocurrency exchange based on trading volumes. The Binance card service was announced back in April. The card allows the Binance users to pay for services and products using cryptocurrencies without selling crypto. According to the announcement made by Binance it allows users to hodl and spend only the required amount for the payments. The Binance card had already debuted in the countries of the European Economic Area in July 2020. The card is expected to be launched in 200+ countries and is anticipated to be available in the United States soon. 

Binance’s Senior Executive Pretty Confident Regarding Russia’s Crypto Legislation

The new law that makes cryptocurrency payments invalid conflicts with the recent launch of the debit card. However, Kostarev says that the law is very unlikely to affect Binance’s.. Moreover, the new law ‘On Digital Assets’ which is expected to rollout by the end of the year is again neutral and is expected to have no impact on their business.

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