In April 2020, Binance, the leading crypto exchange in the crypto space, had revealed a new product, the Binance Card. The prime motivation to introduce the Binance Card is to save time for users and to expand Binance’s ever-growing ecosystem.
Binance Card employs Swipe technology as Binance acquired Swipe on July 6. John Khenneth, COO of Swipe, said that the two firms “will be working closely together to launch crypto debit cards throughout various regions in the world.”
Binance has officially unveiled the Binance card in Europe and the United Kingdom in July 2020. As per exchange, users are allowed to make payments in a variety of cryptos, including Binance Coin, Bitcoin, Swipe’s native token, and Binance USD, for services and shopping across 200 regions worldwide.
Binance Plans To Launch Its Crypto Debit Card In Russia
After launching the Binance debit card in countries of the European Economic Area, Binance is planning to introduce Binance card in Russia, despite the regulatory uncertainty. Market reports reveal that Russian officials are planning to restrict crypto activities. However, Binance intends to follow its mission to facilitate all its users with the “same experience that is fully compliant with local regulations,” said Binance’s operations head for Russia and the CIS Gleb Kostarev.
While responding about the anticipated launch date, Kostarev stated:
“We strive to provide all Binance users with the same experience that is fully compliant with local regulations. Russia for us is an important market. We are working on the launch of the Binance card in Russia, but so far we cannot designate the exact date launch or give any legal opinion on this issue at the moment.”
The introduction of Binance Card in Russia raises several queries in the crypto community. Vladimir Putin, President of Russia, has approved crypto law that will restrict crypto-related activities in the country starting from January 2021.
According to Kostarev, “the adopted version of the law did not affect Binance’s business in any way,” the law “does not fully cover all aspects of cryptocurrency regulation.” However, Kostarev remarked that Binance is still anticipating further threats to the Russian crypto market as regulators are preparing another crypto bill and can revise approved legislation.