Binance has temporarily suspended card withdrawals to Visa and Mastercard for Ukrainian users, following a shutdown of its fiat service provider, Bifinity.
Key Takeaways
- Binance halted Visa and Mastercard withdrawals in Ukraine starting December 30 due to regulatory changes affecting its payment partner Bifinity UAB.
- The suspension only affects users in Ukraine who previously relied on Bifinity, while crypto trading and deposits remain operational.
- Alternative payment options like Apple Pay, Google Pay, and SWIFT transfers remain functional for deposits and withdrawals.
- The suspension has sparked renewed scrutiny of Binance as regulatory challenges continue to follow the exchange globally.
What Happened?
Binance has suspended fiat withdrawals via Visa and Mastercard for Ukrainian users. The pause is directly linked to regulatory changes that forced its fiat payment provider, Bifinity UAB, to wind down services by the end of December 2025. The company issued a notice to affected customers, stating that these changes took effect on Monday, December 30.
Binance Suspends Bifinity Services in Ukraine
The crypto exchange notified users in mid-December that Bifinity, its fiat gateway service, would be discontinuing operations. Binance confirmed that the decision would affect some users’ access to card-based withdrawal methods. This move specifically impacts those in Ukraine who were using Bifinity services for converting crypto to fiat.
A spokesperson from Binance clarified that:
While card withdrawals are paused, Ukrainian users can still deposit funds and buy crypto using Visa and Mastercard. Payment platforms like Apple Pay and Google Pay are also available for topping up accounts. SWIFT transfers continue to support both deposits and withdrawals, offering users an essential bridge to fiat transactions.
Other Features Affected
In addition to the withdrawal pause, Binance informed Ukrainian users that recurring crypto purchases and fiat-based limit buy orders will also be paused during the suspension period. However, the exchange emphasized that the changes are not related to the National Bank of Ukraine and do not affect peer-to-peer (P2P) trading, which continues as usual.
Another impacted service is Zen.com, a popular payment platform used by Ukrainians for transactions in euros and Polish zloty. Binance expects Zen.com’s full deposit and withdrawal capabilities for Ukrainian users to resume on January 6, 2026.
Until then, users wishing to move funds out of Binance will have to rely on SWIFT or P2P options, where allowed.
Regulatory Headwinds and Scrutiny
This service disruption comes amid renewed scrutiny of Binance. A recent Financial Times investigation revealed that 13 potentially suspicious accounts had processed about $1.7 billion in transactions since 2021, with $144 million occurring after Binance agreed to a $4.3 billion criminal settlement with US regulators in November 2023.
The report alleged that some of the accounts were linked to high-risk jurisdictions. Binance pushed back against the framing, telling Cointelegraph that none of the wallets involved were sanctioned and that all transactions were reviewed based on available data at the time.
Despite these assurances, the incident adds to Binance’s ongoing challenges in managing global compliance and operational transparency.
CoinLaw’s Takeaway
In my experience, when regulatory changes hit financial platforms, users are often caught off guard, especially when local services suddenly vanish. While Binance has kept core crypto functions operational, the loss of easy fiat off-ramps like Visa and Mastercard is a real inconvenience for Ukrainian users. What stands out here is how rapidly regulatory decisions can impact access to money. And the extended pause on Zen.com until 2026? That’s a long wait for normal service. It’s a reminder to always have multiple options for moving your funds, especially if you rely on centralized platforms like Binance.
