International cryptocurrency giant Binance will not abandon the launch of the Binance Card in Russia, despite the upcoming ban on cryptocurrencies.
Binance, the world’s largest cryptocurrency exchange by daily trading volume, is rolling out its cryptocurrency debit card in Russia, a senior executive told Cointelegraph on September 7.
Gleb Kostarev, Binance’s director of operations in Russia and the CIS, says the plan to roll out Binance Card in Russia is in line with Binance’s mission to provide all users with “the same experience that is fully in compliance with local regulations.”
However, Binance is not yet ready to announce an expected launch date or provide any legal comment on the matter, Kostarev noted:
“We strive to provide all Binance users with the same experience that fully complies with local regulations. Russia is an important market for us. We are working on launching the Binance Card in Russia, but we are currently unable to provide an accurate launch date or provide any legal opinion on this matter.” ”
Binance Card was announced in April 2020 and is a cryptocurrency debit card designed for payments with cryptocurrencies such as Bitcoin (BTC). “With a Binance card, you can continue to HODLing and only use what you need to pay,” says the Binance Card’s first post.
The Binance Card is expected to be accepted in 200 regions around the world and will make its official debut in the European Economic Area in July 2020. The new product is said to be available in the US soon.
Since the Binance Card is by nature a cryptocurrency payment tool, the launch of the product in Russia raises some questions. In July 2020, Russian President Vladimir Putin signed the country’s first cryptocurrency law, which formally banned from January 2021 Russian citizens from paying in cryptocurrencies such as Bitcoin.
According to Kostarev, the recently passed law does not appear to have affected Binance’s business. “The approved version of the law did not affect Binance’s business in any way,” the leader said. According to Costarev, the “digital financial assets” law is “somewhat neutral” and does not prohibit the sale of cryptocurrencies.
The leadership also stressed that the version of the law that went into effect “does not fully cover all aspects of cryptocurrency regulation.” However, Binance still anticipates new threats to the industry as Russian regulators are planning to introduce another law related to cryptocurrencies that might change the current legislation, Kostarev noted.
After adopting the Digital Financial Assets Law in July 2020, Russia is preparing to adopt another law on digital currencies by the end of 2020. On September 3, the Russian Finance Ministry proposed a number of amendments prohibiting all operations using cryptocurrencies except in cases of inheritance and bankruptcy.