Binance Suspends Visa and Mastercard Withdrawals for Ukrainian Users Amid Bifinity's Regulatory Changes

Binance has announced a temporary halt on card-based withdrawals for users in Ukraine, specifically pausing direct services to Visa and Mastercard cards following changes with its fiat payment provider, Bifinity UAB.

Key Takeaways

Binance has suspended Visa and Mastercard withdrawals for Ukrainian users due to regulatory changes with its fiat payment partner, Bifinity UAB.
Users can still make deposits using Visa, Mastercard, Apple Pay, Google Pay, and SWIFT bank transfers, but card withdrawals are currently unavailable.
Bifinity is expected to cease fiat services by December 31, leading to temporary limitations on certain features for Ukrainian users.
Approximately 4.8 million Ukrainians use Binance, which remains one of its largest markets in Europe.
Binance continues to roll out new initiatives, including high-yield promotions, despite the challenges posed by regulatory adjustments.

Binance Pauses Visa, Mastercard Withdrawals for Ukrainian Users After Bifinity Regulatory Shift

The suspension was implemented on December 29 and shared with affected users through an in-app notification earlier this week, according to various reports from Ukrainian media.

A spokesperson for Binance confirmed that this change affects only Ukrainian users who have been utilizing Bifinity's services.

The exchange explained that this suspension is due to maintenance and updates to the partner infrastructure following Bifinity's planned exit from providing fiat services to Binance users by the end of December. They emphasized that this is a temporary adjustment and is not a result of actions taken by Ukraine's central bank, reassuring users that peer-to-peer (P2P) trading remains unaffected.

How Can Ukrainian Users Access Funds with the Suspension of Card Withdrawals?

With the updated policies, Ukrainian users are no longer able to withdraw funds directly to Visa or Mastercard.

Additionally, Binance has halted its recurring buy features and canceled all existing limit buy orders placed with fiat currency. However, deposits remain largely unaffected.

Users still have the ability to fund their accounts via Visa and Mastercard for incoming transactions, as well as through Apple Pay and Google Pay. SWIFT bank transfers continue to be a viable option for both deposits and withdrawals.

Concerning Zen.com, a payment service frequently used for euro and zloty transactions, Binance has indicated that it is temporarily unavailable for Ukrainian users but is expected to resume operations on January 6, 2026.

In the meantime, users needing urgent access to funds are encouraged to resort to SWIFT transfers or alternative options such as P2P trading where available.

These changes follow an earlier announcement made by Binance on December 15, when users were informed that Bifinity UAB would discontinue its services by December 31 due to regulatory shifts.

Bifinity, which began operations in 2022 as Binance’s payments technology branch, has been responsible for various fiat on- and off-ramp services.

At the time of the announcement, Binance stated that they had arranged for other regulated service providers to take over these functions, ensuring that users can continue to deposit, withdraw, buy, or sell crypto seamlessly, though some payment methods might be impacted during this transitional phase.

Binance noted that this shift is part of a broader response to evolving laws and regulations affecting Bifinity, showcasing increased global oversight of financial services related to cryptocurrency.

The company reassured users that, even with the termination of Bifinity’s services, the safety of user funds on the exchange is not compromised.

The Growing Reliance on Binance in Ukraine

Ukraine is one of Binance’s largest markets in Europe. As of mid-2024, approximately 4.8 million Ukrainians were using the platform, ranking the country among the top ten globally by user count.

Binance has encouraged Ukrainian users to keep an eye on their accounts for updates related to payment options and to check its FAQ section for guidance specific to their region.

The exchange anticipates that fiat services will become more stable as replacement providers take full control, although certain methods, such as card withdrawals, may still be limited in specific areas during the transition.

The timing of this withdrawal pause coincides with Binance's efforts to implement other initiatives on its platform.

In late December, the exchange introduced a limited-time promotional program offering high yields linked to USD1, providing enhanced returns through its Simple Earn products.

While this promotion is not directly related to the payment changes in Ukraine, it underscores Binance’s ongoing commitment to expanding its product offerings despite navigating regulatory changes within its fiat infrastructure.