Binance’s Bifinity UAB Halts Visa and Mastercard Withdrawals for Ukrainian Users

Binance’s payment arm will stop Visa and Mastercard withdrawals in Ukraine due to regulatory changes, while alternative payment and crypto trading options remain available.

Summary

Binance has suspended Visa and Mastercard withdrawals for Ukrainian users via Bifinity UAB, citing regulatory changes, with Bifinity set to cease services at the end of the month. Other services, including deposits, crypto trading, and payments via Apple Pay, Google Pay, and Swift transfers, remain unaffected.

Terms & Concepts
  • Fiat withdrawals: The process of converting cryptocurrency holdings into traditional government-issued money, such as USD or EUR, and transferring it to a bank account.
  • Bifinity UAB: A Binance-owned payment provider based in Lithuania, facilitating fiat-to-crypto and crypto-to-fiat transactions.