Crypto debit card ‘top priority’ for Binance Ukraine in 2022

Major cryptocurrency exchange Binance continues to push operations in the Commonwealth of Independent States (CIS) by preparing a new crypto payment card in Ukraine.

Binance seeks to achieve a dominant position in Ukraine’s crypto market by offering a wide range of local crypto services, Binance Ukraine’s new general manager Kirill Khomyakov said in a Monday interview with Forbes Ukraine.

“Binance card is not yet available for Ukrainian users, but we are actively working on its launch. This is one of our top priorities for 2022,” Khomyakov told Cointelegraph.

In addition to launching a crypto payment card, Binance Ukraine also strives for the active development of local services related to nonfungible tokens (NFTs) and of tokens. The company plans to launch a phantom for a large sports team in Ukraine to facilitate nephew interactions as soon as possible, Khomyakov said.

While Ukraine’s crypto-legislation does not allow direct payments in crypto-currencies such as Bitcoin (BTC), because these assets are not recognized as legal tender, there is still no ban on crypto-currency transactions.

“Binance card needs a balance in crypto-currency without fiat balance. At the moment of the transaction, the amount of the transaction is automatically converted from crypto to fiat,” Khomyakov said. “Our local partners ensure that all co-branded products with Binance are delivered in 100% compliance with all regulatory rules and requirements,” he added

Some Ukrainian government officials such as Deputy Minister of Digital Transformation Oleksandr Bornyakov have also previously pointed out that local laws do not prohibit payments derived from crypto as crypto-payment assets are converted to fiat.

Related: Reuters: Binance withholds information from supervisors, repeatedly denied by its own compliance department

Some countries like Russia have even banned cryptocurrencies, but this has not prevented state-sponsored institutions such as the State Hermitage Museum from accepting cryptocurrency payments during an online NFT auction supported by Binance.

Binance had previously planned to launch its crypto payment card in Russia despite the local ban on crypto payment. After announcing the plan in 2020, Binance has not yet unveiled the product.

“Currently, the launch of the card in Russia is not a priority,” Binance Eastern European director Gleb Kostarev told Cointelegraph, adding that the company is now focusing on developing a “regulatory field around cryptocurrencies”.