No credit for crypto — users react to Russia-issued credit card ban
Cryptocurrency exchanges and financial services companies will soon likely no longer be able to accept transactions completed with many major credit cards following the companies ceasing operations for Russia-based users.
On March 5, Visa, Mastercard, and PayPal announced they would be suspending operations in Russia following the country’s military actions in Ukraine. Visa called Russia’s actions an “unprovoked invasion” while Mastercard said its decision was aimed at supporting the Ukrainian people. The following day, American Express made a similar announcement, saying it would stop operations in both Russia and neighboring Belarus.
Apple Pay and Google Pay reportedly have restricted services for some Russians, though users also likely wouldn’t be able to use the aforementioned credit cards for transactions on the payment apps.
We are grateful to @Dan_Schulman for #StandingwithUkraine and for suspending business in russia. It makes a huge difference. @PayPal we welcome you in Ukraine! Your presence will provide more financial freedom to 40 million of Ukrainians in these difficult times.
The decision from three major U.S. credit card companies and others to stop operating in Russia seemed to have been independent from efforts to comply with economic sanctions, which applied to certain Russian banks and wealthy individuals. Coinbase announced on Sunday that it had blocked more than 25,000 wallet addresses “related to Russian individuals or entities we believe to be engaging in illicit activity,” but at the time of publication has not publicly addressed the credit card ban.
Following the change in the companies’ policies, average Russians using Visa or American Express credit cards abroad or within the country would seemingly
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