Following Binance’s recent decision to cease support for cards issued by Russian banks subject to Western sanctions, cryptocurrency exchanges Bybit and Okx have also terminated their relationship with these institutions, according to a report by the Russian business news portal RBC.
Ranked among the leading cryptocurrency spot exchanges by Coinmarketcap, both Bybit and Okx have decided to discontinue transactions that involve blacklisted Russian banks. On Okx’s peer-to-peer (P2P) trading platform, cards from Russia’s preeminent state-owned bank, Sberbank, along with the country’s leading private bank, Alfa-Bank, and prominent neobank Tinkoff, have been removed from the list of available payment methods.
However, Russian users have alternative avenues for trading in rubles on Okx. Transactions can be conducted through bank transfers using cards from Post Bank, Promsvyazbank (PSB), Raiffeisenbank, Russian Standard Bank, and Unicredit. Additionally, the Russian Faster Payments System (SBP) and other payment services such as Payeer, Paysera, Revolut, Skrill, Webmoney, Wise, Qiwi, and Yumoney remain available.
Contrarily, on Bybit’s Dubai-based P2P platform, while Sberbank and Tinkoff have not been officially removed from the list of supported payment options, transactions using their cards have been suspended, as indicated by the report.
This development closely follows Binance’s action to discontinue support for sanctioned Russian banks on its P2P trading platform, a decision made subsequent to media reports accusing the exchange of facilitating the transfer of funds abroad by Russian citizens, despite its earlier commitments to adhere to sanctions relating to the conflict in Ukraine.
As of August 29, Okx has also ceased the facility for its Russian clientele to engage in P2P transactions using the Russian ruble. While issuing an apology for any inconvenience, the exchange confirmed via a statement on its Telegram channel that Russian users still have the option to trade in other currencies.
Previously, in June, Okx had restricted some services for residents of Russia, citing a need to adapt to “market demands and regulatory requirements.” However, in August, the Seychelles-based company reinstated full access to its crypto trading website for Russian customers.
We invite your thoughts on whether you anticipate other significant cryptocurrency exchanges to implement comparable restrictions on Russian financial institutions and users. Please share your opinions in the comments section below.
Frequently Asked Questions (FAQs) about Sanctioned Russian Banks
What cryptocurrency exchanges have ceased support for sanctioned Russian banks?
Bybit and Okx have stopped supporting transactions involving cards issued by Russian banks that are under Western sanctions. This move follows a similar decision by Binance.
What alternative payment methods are available for Russian users on Okx?
Russian users can still engage in transactions on Okx using cards from Post Bank, Promsvyazbank (PSB), Raiffeisenbank, Russian Standard Bank, and Unicredit. Other payment services like the Russian Faster Payments System (SBP), Payeer, Paysera, Revolut, Skrill, Webmoney, Wise, Qiwi, and Yumoney are also available.
Has Bybit completely removed Sberbank and Tinkoff from their list of supported payment options?
While Bybit has not officially removed Sberbank and Tinkoff from its list of supported payment options, it has suspended transactions involving cards from these banks.
Why did Okx and Bybit decide to cease transactions with certain Russian banks?
Both exchanges decided to discontinue transactions with sanctioned Russian banks following scrutiny over adherence to Western sanctions. This move also aligns with previous actions taken by Binance.
Did Okx impose any other restrictions on Russian users?
Yes, Okx had previously limited some services for Russian residents in June, citing market demands and regulatory requirements. However, the exchange restored full access for Russian users in August.
What was Binance’s role in these developments?
Binance, the world’s largest cryptocurrency exchange by trading volume, was the first to discontinue support for sanctioned Russian banks. Its actions came under scrutiny after media reports alleged that the platform was facilitating illegal money transfers for Russian citizens.
Can Russian users still trade in other currencies on Okx?
Yes, Okx confirmed that users in Russia still have the option to trade in other currencies, despite the discontinuation of P2P transactions in Russian rubles.
Are any other major crypto exchanges expected to follow suit?
The text does not provide information on whether other major crypto exchanges are expected to impose similar restrictions. However, the actions by Binance, Bybit, and Okx may set a precedent in the industry.
More about Sanctioned Russian Banks
- Bybit Official Website
- Okx Official Website
- Coinmarketcap Rankings
- RBC Russian Business News Portal
- Binance Official Statement on Sanctions
- Russian Faster Payments System (SBP) Information
- Western Sanctions on Russian Banks