Binance plans to launch cryptocurrency card in Ukraine

Binance is working on launching in Ukraine a payment card with a balance in cryptocurrency. This reported by Kirill Khomyakov, the company’s country manager in Ukraine.

He explained that the card is linked directly to a wallet on Binance:

“You don’t need to hold fiat on the card, which loses value; you can keep crypto there”.

At the moment of payment, funds are automatically converted into fiat currencies. The initiative is being implemented with local partners, whose names were not disclosed by the company.

“We expect the law ‘On Virtual Assets’ to come into force. The product will be launched fully in accordance with Ukrainian law,” said Khomyakov of ForkLog.

He also noted that the exchange is working on launching Binance Pay, which will allow users to settle transactions directly from their wallet on the platform with major retailers.

In addition, the exchange plans to develop digital-art trading in Ukraine via the Binance NFT platform, and to launch the country’s first fan token for a well-known sports team.

Earlier, ForkLog reported in July last year that the Ukrainian mobile bank monobank would issue a Bitcoin card, through which customers could buy and sell cryptocurrency.

According to co-founder Oleg Gorokhovsky, the card is ready, but has long been awaiting approval from the National Bank.

In October, the head of the NBU Kirill Shevchenko said that commercial banks had approached the regulator with a request to issue cryptocurrency cards. He noted that there is ‘a question of the high risk of such operations, and compliance with the necessary procedures for financial monitoring’.

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