Major cryptocurrency exchange Binance continues to ramp up its operations in Ukraine, preparing to launch a new cryptocurrency payment card in the country.
Binance Ukraine’s new general manager Kirill Komyakov said in an interview with Forbes Ukraine on Monday that Binance aims to dominate the Ukrainian crypto market by offering a wide range of local crypto services.
“The Binance Card is not yet available for Ukrainian users, but we are actively working at all. This is one of our top priorities for 2022,” Khomyakov told Cointelegraph.
In addition to launching a cryptocurrency payment card, Binance Ukraine is also actively developing local services related to non-fungible tokens (NFTs) and fan tokens. According to Khomyakov, the company plans to launch Fantokin for a major sports team in Ukraine in the near future to enable interaction with non-fans.
Although Ukrainian crypto law does not allow direct payments in cryptocurrencies such as Bitcoin (BTC), since these assets are not recognized as legal tender, there is still a ban on crypto-derived transactions.
“The balance of the Binance card in cryptocurrency is not required. At the time of the transaction, the amount of the transaction is automatically converted from cryptocurrency to fiat currency,” Khomyakov said. “Our local partners ensure that all co-branded products with Binance are delivered in 100% compliance with all regulatory rules and requirements,” he added.
Some Ukrainian officials, such as Deputy Minister for Digital Transformation Oleksandr Bornyakov, have also previously indicated that local laws do not prohibit payments received in cryptocurrency if cryptocurrency is converted to fiat.
RELATED: Reuters: Binance hid information from regulators, repeatedly avoiding its own compliance department
Some countries, such as Russia, even ban cryptocurrencies, but this has not prevented government agencies such as the State Hermitage Museum from accepting cryptocurrencies during the online NFT auction backed by Binance.
Binance had previously planned to launch a cryptocurrency payment card in Russia despite the local ban on crypto payments. After the plan was announced in 2020, Binance has yet to release the product.
“At the moment, launching the card in Russia is not a priority,” Gleb Kostarev, director of Eastern Europe at Binance, told Cointelegraph, adding that the company is now focusing on developing “the regulatory space for cryptocurrency.”
