Binance has temporarily suspended Visa and Mastercard card withdrawals for Ukrainian users. This is in response to the termination of services by its fiat payment partner, Bifinity. Binance emphasized that the restriction is temporary and that other deposit and withdrawal methods will remain available.
This measure took effect on December 29th, and Ukrainian users were notified in advance via an in-app notice. According to a Binance spokesperson, this suspension only affects Ukrainian users who used the Befinity service. Befinity, Binance's fiat on-ramp and off-ramp technology subsidiary, ended its partnership with the company at the end of December.
Binance explained that this was a temporary measure due to technical maintenance and infrastructure transition, adding that it was unrelated to any action by the Central Bank of Ukraine or government authorities. P2P trading functions will continue to operate normally.
How do Ukrainian users move funds?
This measure prevents Ukrainian users from directly withdrawing funds using Visa and Mastercard. Furthermore, recurring purchases have been temporarily suspended, and all previously placed fiat-denominated limit orders have been canceled.
However, deposit functionality will remain. Users can still deposit via Visa, Mastercard, Apple Pay, Google Pay, and other methods, and SWIFT bank transfers are also available for both deposits and withdrawals. Therefore, users needing to withdraw funds will need to use alternative methods such as bank transfers or peer-to-peer transactions.
Binance also announced the temporary suspension of Zen.com, another major payment service. Zen.com, primarily used for euro and Polish zloty-based transactions, is scheduled to resume operations on January 6, 2026. Until then, it recommends using SWIFT or P2P transactions.
The End of Vifinity Services and Global Regulatory Trends
Befinity, a cash payment solution company launched by Binance in 2022, has been handling various fiat currency deposit and withdrawal functions related to cryptocurrency purchases. However, due to changes in the global regulatory environment, the company has decided to terminate its services at the end of this month.
Regarding this change, Binance announced on December 15th, "The termination of Bfinity services is due to regulatory changes and will not affect the safety of user funds." Users were informed that some functionality may be limited while the transition to a new payment provider is completed.
This move is part of a global response to strengthening regulations on cryptocurrency-related fiat services. Binance stated that it will continue to collaborate with regulatory-compliant partners and strive to normalize deposit and withdrawal services.
4.8 million users, Binance's Ukrainian market
Ukraine is one of Binance's key European markets. As of mid-2024, Binance boasts approximately 4.8 million users, ranking it among the top 10 globally. With growing cryptocurrency adoption in the country, Binance continues to provide users with new payment options through its FAQ page to ensure a secure experience.
Meanwhile, Binance is also running a "Promotional Simple Earn" promotion linked to the US dollar-based earning product "USD1." While this is a separate service from the suspension of card withdrawals in Ukraine, it demonstrates Binance's ongoing expansion of platform functionality.
๐ Market Interpretation
Befinity's withdrawal is closely tied to growing global regulatory pressure. Binance is restructuring its existing infrastructure and is testing its regulatory capabilities. Securing a sustainable fiat payment infrastructure will be a key element of the platform's future stability.
๐ก Strategy Points
1) SWIFT and P2P transactions are the most promising alternatives for fund transfers within Ukraine.
2) Binance focuses on preventing liquidity outflows by promoting high-yield products and P2P platforms.
3) Temporary service interruptions before and after the termination of Vifinity may spread to other countries.
๐ Glossary
- On/Off Ramp: A means of exchanging and depositing/withdrawing money between cryptocurrencies and fiat currencies.
- SWIFT: An international interbank remittance system with high security and versatility.
- P2P trading: A marketplace that supports direct cryptocurrency trading between users.
๐ก Want to know more? AI-prepared questions for you:
A. Binance has temporarily suspended direct withdrawals to cards like Visa and Mastercard due to the termination of services by Bfinity, the fiat payment provider used by Ukrainian users. Bfinity had provided fiat deposits and withdrawals to Binance users until the end of December, but withdrew due to regulatory changes. Binance explained that this was due to maintenance and partner updates, and was unrelated to the Central Bank of Ukraine's actions. This transition is part of the cryptocurrency exchange's ongoing efforts to maintain a stable on- and off-ramp service for fiat currency connections.
A. Ukrainian users can withdraw funds via SWIFT bank transfer instead of card withdrawals, and peer-to-peer transactions are still possible. For example, Zen, the service used for euro and zloty transactions, has been temporarily suspended until January 6, 2026. Until then, please use SWIFT or P2P. Deposits can still be made via Visa, Mastercard, Apple Pay, and Google Pay.
A. Binance has canceled the repeat purchase feature for Ukrainian users and existing fiat orders, but cryptocurrency P2P trading and SWIFT deposits and withdrawals will remain intact. This change is limited to the Bfinity service and does not affect the security of user funds. "Limit orders" for fiat currency purchases and sales on cryptocurrency exchanges allow users to place orders at a specific price.
A. With Befinity shutting down its services by December 31st, Binance is transitioning to another compliant provider. This move is in response to the global trend of strengthening regulations. Binance emphasized that this is a temporary measure and stated that fiat services will stabilize once the alternative provider is fully acquired. Ukraine is one of Binance's largest European markets, with approximately 4.8 million users.
A. Ukrainian users have lost the convenience of card withdrawals, a common method of withdrawal, and must now use alternatives like SWIFT or P2P, which impacts the convenience of transactions. Binance recommends checking the FAQ and monitoring your account, and some methods may be restricted during the transition period. This shift in the cryptocurrency market demonstrates the impact of the regulatory environment on exchanges' payment infrastructure.
TP AI Precautions
This article was summarized using a TokenPost.ai-based language model. Key points in the text may be omitted or inaccurate.
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