Binance Ukraine Working on Crypto Payment Card Launch in 2022

Binance Ukraine Working on Crypto Payment Card Launch in 2022

The cryptocurrency exchange’s Ukrainian branch has named the launch of its crypto payment card as one of the top priorities for 2022.

Binance, one of the biggest cryptocurrency exchange platforms, hopes to expand its reach in Eastern Europe. Kirill Khomyakov, Binance Ukraine’s new general manager, told Forbes Ukraine that the division plans to offer a wide range of local crypto services.

Khomyakov made a comment to the press, saying that launching the Binance crypto payment card was one of the top priorities for the company this year. In addition to these plans, the company is also looking into developing local services related to fan tokens and non-fungible tokens (NFTs).

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

What is a Liquidity Pool in Crypto? (Animated)

What is a Liquidity Pool in Crypto? (Animated) What is a Liquidity Pool in Crypto? (Animated)

One of the plans for Binance Ukraine, according to Khomyakov, is to release a fan token for a major Ukrainian sports team. This project aims to enable brand-new fan interactions.

There is no official ban on crypto-derived transactions in the country. However, Ukraine’s cryptocurrency legislation does not directly permit payments in Bitcoin (BTC) or similar digital currencies. Crypto assets are not recognized as legal tender by the Ukrainian government.

Khomyakov described the Binance card, saying its balance is in cryptocurrencies and does not require fiat balance. When the card is used for a transaction, the amount is automatically converted into fiat money. He emphasized that the company’s local partners ensure complete compliance with regulations and requirements.

The Ukrainian government adopted a cryptocurrency-related bill in September 2021, which legalizes and regulates cryptocurrency. Oleksandr Bornyakov, Digital Transformation deputy minister, previously stated that local laws allow payments derived from cryptocurrencies, as long as the assets are converted into fiat currency.

The sentiment towards crypto is not all the same across Eastern Europe and the Commonwealth of Independent States (CIS). While Ukraine appears to have a more positive outlook towards crypto, Russia outright banned crypto payments.

Despite this, some state-backed institutions like the Hermitage Museum accepted payments in cryptocurrencies during a Binance-supported NFT auction. President Vladimir Putin also stated that crypto mining could provide Russia with a competitive advantage.

Binance had prior plans to launch the crypto payment card in Russia despite the ban. The product has not been released since Binance’s initial announcement in 2020. In January 2022, BitDegree reported that the Russian government was preparing a cryptocurrency regulation roadmap that eases the restrictions of the ban.

Camille V. - Crypto Analyst

by Camille V. - Crypto Analyst, BitDegree