Binance has confirmed that it has paused Visa and Mastercard based withdrawal services for users in Ukraine who previously depended on its affiliated fiat payment provider Bifinity. The decision follows regulatory related changes that have affected certain payment channels used by the exchange. While the move has caused disruption for some users, Binance has stated that core crypto services and several alternative payment methods remain operational.
The suspension came into effect earlier this week and applies specifically to card based withdrawals to bank cards issued by Visa and Mastercard. Ukrainian users received notifications from Binance outlining the change, which was later confirmed by a company spokesperson. The exchange stressed that the update is limited in scope and does not reflect a broader withdrawal freeze or restrictions on crypto trading.
Regulatory Changes Behind the Decision
The latest development is closely linked to Binance decision to discontinue services provided by Bifinity UAB, its fiat payments arm, for certain regions. On December 15 Binance informed users that Bifinity would stop offering services by the end of the month due to regulatory changes affecting its operations. At that time the company reassured customers that their ability to deposit withdraw buy or sell crypto assets would continue without disruption.
However for Ukrainian users who relied on Bifinity to process card based withdrawals, the change has now resulted in a temporary halt of that specific service. According to Binance the announcement regarding updated payment methods applies only to Ukrainian users who previously used Bifinity services. Other users and regions are not affected by the same restriction.
Local Ukrainian media outlets were among the first to report the pause, citing communications sent directly to customers. Binance later confirmed the reports, clarifying that the issue stems from compliance and regulatory adjustments rather than actions by Ukrainian authorities or the National Bank of Ukraine.
Impact on Card Withdrawals and Automated Purchases
As part of the update Binance has also temporarily suspended recurring crypto purchases for affected Ukrainian users. In addition existing fiat based limit buy orders will not be processed during the suspension period. These measures are intended to align with the changes in available payment infrastructure following the exit of Bifinity from certain services.
Despite these limitations Binance emphasised that the restrictions are targeted rather than comprehensive. Users are still able to manage their crypto holdings trade on the platform and access several alternative funding and withdrawal options. The exchange has advised customers to review their payment settings and consider other available methods where necessary.
Importantly Binance confirmed that the changes do not affect peer to peer transactions. P2P trading continues to function normally allowing users to buy and sell crypto directly with one another using locally supported payment methods where permitted by law.
Payment Options Still Available to Ukrainian Users
While card based withdrawals have been paused, Binance has highlighted that several key on ramp services remain intact for Ukrainian users. Deposits using Visa and Mastercard are still supported meaning users can continue to fund their accounts and purchase crypto assets through incoming card transactions.
In addition Apple Pay and Google Pay remain available for topping up accounts. These options continue to provide a convenient way for users to add funds without relying on direct card withdrawals. Swift bank transfers are also unaffected and continue to support both deposits and withdrawals according to reports from Ukrainian media.
Binance stated that the changes are not related to any actions by the National Bank of Ukraine. The exchange reiterated that P2P operations are unaffected and remain a viable option for users who wish to move funds off the platform during the suspension period.
Another affected service is Zen.com which is commonly used for euro and Polish zloty transactions. Binance confirmed that full deposit and withdrawal functionality via Zen for Ukrainian users is expected to resume on January 6 2026. Until then users may need to rely on Swift transfers or peer to peer routes where appropriate.
Guidance for Users During the Suspension Period
Binance has encouraged Ukrainian users to familiarise themselves with the alternative payment methods currently supported on the platform. For those needing to withdraw funds Swift transfers remain the most direct option through traditional banking channels. Peer to peer trading may also offer flexibility depending on individual circumstances and local regulations.
The exchange has stated that it is continuing to monitor the situation and work with payment partners to restore affected services where possible. Binance has not provided a specific timeline for the resumption of Visa and Mastercard withdrawals beyond the expected return of Zen related services early next year.
Users have been advised to remain cautious of misinformation and to rely on official Binance communications for updates. Customer support channels remain available for those seeking clarification about how the changes affect their accounts.
Binance Faces Renewed Scrutiny
The announcement comes at a time when Binance is facing renewed scrutiny over its compliance practices. A recent report by the Financial Times alleged that the exchange allowed a group of potentially suspicious accounts to continue moving large volumes of crypto funds even after agreeing to strengthen controls under its 4.3 billion dollar criminal settlement with United States authorities in 2023.
According to the report 13 linked accounts processed approximately 1.7 billion dollars in transactions since 2021. This figure reportedly includes around 144 million dollars in transactions that took place after Binance entered its plea agreement in November 2023. The accounts were said to involve users across several high risk jurisdictions.
Binance has rejected the framing of the report stating that all transactions were assessed based on the information available at the time. The company said that none of the wallets involved were sanctioned when the activity occurred. Binance has consistently maintained that it is committed to improving its compliance framework and working closely with regulators worldwide.
Broader Implications for Users
For Ukrainian users the immediate impact of the withdrawal pause is largely logistical rather than existential. Core crypto services remain available and alternative routes for moving funds continue to function. However the situation highlights the ongoing challenges faced by global crypto platforms as they navigate evolving regulatory environments and payment infrastructure constraints.
The pause also underscores the importance for users of having multiple funding and withdrawal options. Reliance on a single payment provider can increase vulnerability to sudden changes driven by regulatory or compliance requirements beyond the control of individual users.
Binance has indicated that it will continue to communicate openly with affected customers and provide updates as the situation evolves. For now Ukrainian users will need to adapt to the revised payment landscape while awaiting the restoration of certain services in the coming months.
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