Binance has suspended card-based withdrawals for customers in Ukraine, in line with a discover despatched to clients this week.
The adjustments took impact on Monday and embody the short-term halt of direct withdrawals to financial institution playing cards issued by Visa and Mastercard, a number of native Ukrainian information shops reported.
A Binance spokesperson confirmed the information to Cointelegraph, including that the “announcement concerning adjustments to fee strategies applies completely to customers from Ukraine who beforehand used Bifinity companies.”
On Dec. 15, Binance knowledgeable customers that its fiat fee supplier, Bifinity UAB, would cease providing companies by the tip of the month as a consequence of regulatory adjustments. On the time, the trade defined that the change would have an effect on some fiat on- and off-ramp fee strategies, however stated customers’ skill to deposit, withdraw, purchase, or promote crypto would proceed with out interruption.
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Extra adjustments for Ukrainian customers
In accordance with the Ukrainian shops, Binance has additionally informed customers that recurring crypto purchases and present fiat-based restrict purchase orders is not going to be processed throughout the suspension interval.
Nonetheless, the core fiat on-ramp performance stays largely intact. Ukrainian customers can nonetheless deposit funds and purchase crypto utilizing Visa and Mastercard for incoming transactions. Apple Pay and Google Pay stay accessible for account top-ups, whereas Swift transfers proceed to assist each deposits and withdrawals, per the report.
“The adjustments usually are not associated to the Nationwide Financial institution of Ukraine and don’t have an effect on P2P operations, which proceed to perform as traditional,” the spokesperson stated.
The replace additionally impacts the supply of Zen.com, a fee platform generally used for euro and Polish zloty transactions. Binance stated that Zen’s full deposit and withdrawal performance for Ukrainian customers is predicted to renew on Jan. 6, 2026. Till then, customers looking for to maneuver funds off the trade might must depend on Swift transfers or various routes resembling peer-to-peer buying and selling, the place permitted.
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Binance underneath scrutiny once more
Binance has come underneath scrutiny once more after a report by the Monetary Instances final week claimed the trade allowed a gaggle of probably suspicious accounts to proceed shifting crypto funds even after agreeing to tighten controls underneath its $4.3 billion US legal settlement in 2023.
The report stated 13 linked accounts processed about $1.7 billion in transactions since 2021, together with roughly $144 million after Binance entered its plea settlement in November 2023, involving customers throughout a number of high-risk jurisdictions.
Binance rejected the report’s framing, telling Cointelegraph that each one transactions have been assessed based mostly on data accessible on the time and that not one of the wallets concerned have been sanctioned when the exercise occurred.
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