OKX and Bybit Disable Use of Sanctioned Russian Bank Cards

BySamson Ononeme

Aug 28, 2023
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Key Insights

  • OKX and Bybit cryptocurrency exchanges disable use of Russian bank cards under sanctions for fiat token purchases.
  • Binance imposes restrictions, limiting Russian users to P2P transactions only in ruble currency.
  • U.S. Department of Justice investigates Binance for possible sanctions violations amidst significant ruble transactions.

OKX and Bybit, two major cryptocurrency exchanges, have taken steps to prevent the use of cards from Russian banks that are under sanctions for purchasing tokens with fiat currency.

On the P2P platform of OKX, users can no longer choose Sberbank, Tinkoff, and Alfa-Bank cards as payment methods.

However, alternative options such as bank transfers, the Fast Payment System (SBP), and cards from Raiffeisenbank, Unicredit, Post Bank, PSB, and Russian Standard Bank remain accessible. Additionally, options like Revolut, WebMoney, and Qiwi are also available for users.

Reports from Bybit users date back to August 25th, indicating that the ability to buy and sell cryptocurrency for rubles using Tinkoff and Sberbank cards disappeared from the exchange’s P2P platform. While the banks remain listed as payment methods, transactions involving them cannot be processed.

Binance faces scrutiny amidst ongoing Russian sanctions

Recently, Binance, the world’s largest cryptocurrency exchange, also imposed restrictions on Russian users. It barred them from conducting P2P transactions in any currency other than the ruble.

Read also: With Binance Exiting Russian Market, What Options Do Russians Have?

The situation caught the attention of The Wall Street Journal on August 22, revealing that Binance still handles substantial volumes of ruble transactions despite claims of limiting its Russian operations. The exchange enables P2P transactions for exchanging rubles into digital tokens, a process that often involves banks facing Western sanctions.

Amidst these developments, the U.S. Department of Justice has initiated an investigation into Binance for potential violations of Russian sanctions. A source familiar with the matter shared this information with WSJ.

Previously, Bloomberg had also reported on the ongoing investigation. In response to these allegations, a Binance representative assured WSJ that the platform complies with all sanctions restrictions.

Samson Ononeme

Meet Samson Ononeme, a dynamic writer, editor, and CEO of marketsxplora.com. With a passion for words and a sharp business acumen, Samson captivates readers with captivating storytelling and delivers insightful market analysis. He is a trailblazer in the finance industry, empowering individuals with knowledge and shaping the narrative of money. Get ready to be inspired by his literary prowess and entrepreneurial leadership.

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