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Russia is set to implement a ban on cryptocurrency payments next year. However, crypto exchange Binance is reportedly pushing through with the launch of its crypto debit card in the country despite the upcoming ban.
The company’s plan to push through with the launch of the Binance Card despite the upcoming regulation was revealed by a senior executive on September 7, according to Cointelegraph. Binance’s head of operations for Russia and the CIS Gleb Kostarev told the publication that it is the company’s mission to give the “same experience that is fully compliant with local regulations” to all of its users.
At the moment, Binance has not yet revealed the exact launch date of its crypto debit card. The company also did not elaborate on how it will go around Russia’s upcoming regulation, which prohibits the use of cryptocurrency as a payment method.
“We strive to provide all Binance users with the same experience that is fully compliant with local regulations,” Kostarev said. “Russia for us is an important market. We are working on the launch of the Binance card in Russia, but so far we cannot designate the exact date launch or give any legal opinion on this issue at the moment.”
Binance, the largest crypto exchange in the world by daily trading volume, announced its crypto debit card named the Binance Card back in April 2020. “With the Binance Card, you can keep HODLing, and spend only what you need to make a payment,” Binance Card’s announcement said.
In July 2020, the crypto card was launched in countries in the European Economic Area. Aside from its planned Russian launch, Binance also plans to introduce the product in the United States.
On July 31, 2020, President Putin signed into law a bill that will regulate digital financial asset (DFA) transactions, which will take into effect in January 2021. While the law will give legal status to cryptocurrency as a type of property, it will also prohibit its use as a means of payment.
However, it appears that Binance seems confident that Russia’s upcoming legislation won’t affect its Binance Card. “The adopted version of the law did not affect Binance's business in any way,” Kostarev said. He added that the upcoming law is “fairly neutral” and won’t prohibit the crypto assets turnover.
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