{"id":413594,"date":"2022-03-09T00:00:00","date_gmt":"2022-03-08T21:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/no-credit-for-crypto-users-react-to-russia-issued-credit-card-ban\/"},"modified":"2022-03-09T00:00:00","modified_gmt":"2022-03-08T21:00:00","slug":"no-credit-for-crypto-users-react-to-russia-issued-credit-card-ban","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/no-credit-for-crypto-users-react-to-russia-issued-credit-card-ban\/","title":{"rendered":"# No credit for crypto \u2014 users react to Russia-issued credit card ban"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3b0da66bb2b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3b0da66bb2b\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/no-credit-for-crypto-users-react-to-russia-issued-credit-card-ban\/#%E2%80%9D_No_credit_for_crypto_%E2%80%94_users_react_to_Russia-issued_credit_card_ban_%E2%80%9C\" >&#8221; No credit for crypto \u2014 users react to Russia-issued credit card ban &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_No_credit_for_crypto_%E2%80%94_users_react_to_Russia-issued_credit_card_ban_%E2%80%9C\"><\/span>&#8221; No credit for crypto \u2014 users react to Russia-issued credit card ban &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDMvMzNhZWUxZDctNGIzOC00ZGJmLTg3MjgtOGM4MTM0YzBlYjQ1LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>Cryptocurrency exchanges and financial services companies will soon likely no longer be able to accept transactions completed with many major credit cards following the companies ceasing operations for Russia-based users.<\/p>\n<p>On Saturday, Visa, Mastercard, and PayPal announced they would be suspending operations in Russia following the country\u2019s military actions in Ukraine. Visa <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/usa.visa.com\/about-visa\/newsroom\/press-releases.releaseId.18871.html\">called<\/a> Russia\u2019s actions an \u201cunprovoked invasion\u201d while Mastercard <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.businesswire.com\/news\/home\/20220305005035\/en\/Mastercard-Statement-on-Suspension-of-Russian-Operations\">said<\/a> its decision was aimed at supporting the Ukrainian people. The following day, American Express made a similar announcement, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/about.americanexpress.com\/all-news\/news-details\/2022\/American-Express-Suspends-Operations-in-Russia-and-Belarus\/default.aspx\">saying<\/a> it would stop operations in both Russia and neighboring Belarus.<\/p>\n<p><a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">App<\/a>le Pay and Google Pay reportedly have restricted services for some Russians, though users also likely wouldn\u2019t be able to use the aforementioned credit cards for transactions on the payment apps.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">We are grateful to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Dan_Schulman?ref_src=twsrc%5Etfw\">@Dan_Schulman<\/a> for <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/StandingwithUkraine?src=hash&amp;ref_src=twsrc%5Etfw\">#StandingwithUkraine<\/a> and for suspending business in russia. It makes a huge difference. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/PayPal?ref_src=twsrc%5Etfw\">@PayPal<\/a> we welcome you in Ukraine! Your presence will provide more financial freedom to 40 million of Ukrainians in these difficult times.<\/p>\n<p>\u2014 Mykhailo Fedorov (@FedorovMykhailo) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/FedorovMykhailo\/status\/1501238789280354305?ref_src=twsrc%5Etfw\">March 8, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nThe decision from three major U.S. credit card companies and others to stop operating in Russia seemed to have been independent from efforts to comply with economic sanctions, which applied to certain Russian banks and wealthy individuals. Coinbase <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/blog.coinbase.com\/using-crypto-tech-to-promote-sanctions-compliance-8a17b1dabd68\">announced<\/a> on Sunday that it had blocked more than 25,000 wallet addresses \u201crelated to Russian individuals or entities we believe to be engaging in illicit activity,\u201d but at the time of publication has not publicly addressed the credit card ban.<\/p>\n<p>Following the change in the companies\u2019 policies, average Russians using Visa or American Express credit cards abroad or within the country would seemingly no longer be able to use them for everyday transactions. Cards from Mastercard issued by Russian banks will no longer be supported by the company\u2019s network, while those issued by other foreign banks \u201cwill not work at Russian merchants or ATMs.\u201d<\/p>\n<p>&#8220;We don&#8217;t take this decision lightly,&#8221; said Mastercard, which has operated in Russia for more than 25 years.<\/p>\n<p>However, Russia\u2019s central bank <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cbr.ru\/press\/event\/?id=12735\">issued<\/a> a statement on Sunday saying both Mastercard and Visa cards would \u201ccontinue to operate in Russia as usual until their expiration date,\u201d with users able to use ATMs and make payments. It\u2019s unclear how the Central Bank of Russia reached this conclusion given the statements from the credit card companies, but it acknowledged that cross-border payments and using the cards in person abroad would not be possible.<\/p>\n<p>Though the companies did not provide an exact timeline on when operations would cease entirely, at least one cryptocurrency exchange warned users of the change, which is likely to affect many Russian users. On Tuesday, Binance <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.binance.com\/en\/support\/announcement\/675e9bb985ec43d8a63d8a9f26dac7c4\">announced<\/a> starting on Wednesday, the exchange would no longer be able to take payments from Mastercard and Visa cards issued in Russia \u2014 the company doesn\u2019t accept American Express.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">This is out of our hands. Not our decision. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/K3mH75Ul3B\">https:\/\/t.co\/K3mH75Ul3B<\/a><\/p>\n<p>\u2014 CZ  Binance (@cz_binance) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/cz_binance\/status\/1501169605632573442?ref_src=twsrc%5Etfw\">March 8, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Presumably, all consumers wishing to buy crypto through an exchange with a credit card issued in Russia from one of these companies will be unable to do so soon, though peer-to-peer transactions would seemingly still be available. There were mixed reactions from <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social media<\/a> on the decision, with many claiming the credit card companies could help Ukraine by hurting Russia economically, but at the expense of civilians who had no say in their country\u2019s military actions.<\/p>\n<p>\u201cPreventing Russian citizens who are trying to flee Russia from accessing their money is a crime,\u201d <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MartyBent\/status\/1500300017030078467\">said<\/a> Marty Bent, co-founder of crypto mining firm Great American Mining. \u201cVisa and Mastercard [are digging] their own graves by politicizing their products and pushing people all over the world toward Bitcoin.\u201d<\/p>\n<p>\u201cFor somebody staying in Russia the cards keep working, but you can\u2019t leave because you\u2019ll not be able to pay for anything,\u201d <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/BtcInna\/status\/1500309841960574979\">said<\/a> Twitter user Inna, who claimed to be living in Moscow. \u201cPutin approves.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">As I warned about two weeks ago. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/crypto?src=hash&amp;ref_src=twsrc%5Etfw\">#crypto<\/a> is only the way. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/visa?src=hash&amp;ref_src=twsrc%5Etfw\">#visa<\/a> Ana <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Mastercard?src=hash&amp;ref_src=twsrc%5Etfw\">#Mastercard<\/a> just showed the world how unstable, unrelated, centralized and political they are by abandoning Russian people that are so far from the war and Russia as it is possible. This is a modern fascism. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/wnHEtoKO0J\">https:\/\/t.co\/wnHEtoKO0J<\/a><\/p>\n<p>\u2014 Anti Danilevski (@AntiDanilevski) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/AntiDanilevski\/status\/1500263745783742465?ref_src=twsrc%5Etfw\">March 6, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Crypto offers Russia no way out from Western sanctions<\/em><\/strong><\/p>\n<p>While cutting off Visa and Mastercard is a  seeminglysignificant blow to Russia and its residents, reports <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/europe\/russian-banks-may-issue-cards-with-chinas-unionpay-visa-mastercard-cut-links-2022-03-06\/\">suggest<\/a> the country may turn to Chinese payment systems like UnionPay \u2014 accepted by peer-to-peer cryptocurrency exchange Paxful. Russia\u2019s central bank also has its own Mir cards for payments domestically and in nine countries including Belarus and Vietnam. <\/p>\n<p>Regulators have not issued guidelines to crypto exchanges aimed at cutting Russian users off from trading their coins. Both the United States and the European Union have hinted they would be looking at Russia potentially using transactions in digital currencies to evade sanctions. Leaders at many exchanges, including Kraken, have <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/jespow\/status\/1498112741684363265\">issued<\/a> statements saying they will comply with government guidance, but not unilaterally block all Russian users. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/no-credit-for-crypto-users-react-to-russia-issued-credit-card-ban\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; No credit for crypto \u2014 users react to Russia-issued credit card ban &#8220; Cryptocurrency exchanges and financial services companies will soon likely no longer be able to accept transactions completed with many major credit cards following the companies ceasing operations for Russia-based users. On Saturday, Visa, Mastercard, and PayPal announced they would be suspending&#8230;<\/p>\n","protected":false},"author":1,"featured_media":413595,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDMvMzNhZWUxZDctNGIzOC00ZGJmLTg3MjgtOGM4MTM0YzBlYjQ1LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[77423,77456,99399,74257,117,78807,4975],"class_list":["post-413594","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-mastercard","tag-visa","tag-american-express","tag-belarus","tag-business","tag-credit-cards","tag-russia"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/413594","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=413594"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/413594\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/413595"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=413594"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=413594"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=413594"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}