Binance Confirms Visa/Mastercard Ban In Ukraine

Binance has suspended withdrawals via Visa and Mastercard for its users in Ukraine. The measure, linked to its fiat provider Bifinity, comes amid increasing regulatory pressures in Europe. This decision complicates access to funds for Ukrainians, already weakened by war and financial restrictions.

Binance cuts card withdrawals for Ukraine

Binance has officially confirmed the suspension of withdrawals via Visa and Mastercard cards for its users in Ukraine, a decision that also applies to card deposits, while the crypto exchange rejected criticism of its management of the Upbit hack.

This measure was announced via the platform’s support center following changes affecting Bifinity UAB, its fiat provider based in Lithuania.

“Due to changes in the services of our fiat provider, Bifinity UAB, deposits and withdrawals via Visa/Mastercard cards are no longer available in Ukraine,” Binance specified.

Here are the key facts to remember regarding this suspension :

• The immediate suspension of fiat withdrawals via Visa and Mastercard cards for all users located in Ukraine ;

• Card deposits are also suspended, cutting an essential channel to fund accounts in euros or hryvnias ;

• Bifinity UAB, a Binance entity responsible for processing fiat payments in Europe, is at the core of this measure due to restrictions imposed by the Bank of Lithuania.

No service resumption date has been communicated at this stage. This decision comes amid strengthened regulatory oversight in Europe, particularly regarding activities related to fiat payment management for crypto platforms.

While Binance remains discreet about the exact nature of the restrictions, it is clear that this suspension fits into a general trend of reducing fiat entry/exit points in several European jurisdictions.

A direct impact on users

Beyond the simple technical aspect, this service suspension results in immediate consequences for Ukrainian users, who find themselves unable to convert their crypto assets into local currency through traditional channels.

Binance confirmed in its support channels that “deposits and withdrawals via Visa/Mastercard cards are no longer available,” specifying that Ukrainian users are now redirected to alternative methods such as SEPA bank transfers or the P2P market integrated into the platform.

However, these alternatives are not without limits. SEPA transfers can be slow or unavailable depending on local banks, while the P2P market, although useful, exposes users to greater volatility and counterparty risks.

In a country where access to conventional banking services is already weakened by the war context, this measure adds an additional layer of complexity for crypto users wishing to convert or use their funds in daily life.

While 144 million dollars evade post-sanction controls, the suspension of withdrawals in Ukraine highlights the fragility of fiat-crypto interfaces. The case reveals a still permeable system where regulatory adjustments struggle to contain flows.