Binance Halts Visa & Mastercard Withdrawals in Ukraine — SWIFT and P2P Still Active
Binance slashes card cash-outs in Ukraine—but leaves the back door wide open.
SWIFT and P2P channels remain live, offering a clear workaround for users suddenly cut off from traditional withdrawal rails. It's a stark reminder that when one centralized pathway gets blocked, decentralized alternatives don't just exist—they thrive.
The move highlights the fragile nature of relying on legacy payment gatekeepers, whose permissions can be revoked with a single policy shift. Meanwhile, the underlying crypto infrastructure hums along, indifferent to borders and banking partners.
For traders, it's a temporary hiccup. For the industry, it's another case study in resilience. The old financial system giveth, and the old financial system taketh away—often right when you need it most.
TLDR
Binance implemented new withdrawal limits for Ukrainian users this week, and the change immediately altered access to bank cards. The exchange paused fiat withdrawals through Visa and Mastercard after its payment partner confirmed an operational wind-down. Yet Binance maintained Core services and kept alternative payment routes active for users.
Withdrawal Suspension and Immediate Service Impact
Binance introduced the temporary suspension as Bifinity prepared to stop offering services under upcoming regulatory adjustments. The halt affected users who previously relied on card-based withdrawals for direct fiat transfers. Moreover, Binance confirmed that other fiat functions WOULD remain available through supported systems.
The exchange preserved card deposits and crypto purchases even as withdrawal options narrowed for affected accounts. It also supported Apple Pay and Google Pay to ensure incoming transactions continued without disruption. Furthermore, Binance kept SWIFT transfers open for both deposits and withdrawals during the adjustment period.
The company also paused recurring crypto purchases along with open fiat-based limit buy orders on impacted accounts. It stated that these changes applied only to Ukrainian users tied to Bifinity services. However, Binance clarified that the update did not involve Ukraine’s central bank and did not restrict peer-to-peer activity.
Zen.com Service Limits and Expected Restoration Timeline
Binance also reported reduced access to Zen.com services for Ukrainian users as technical modifications began. The exchange stated that Zen.com would restore full deposit and withdrawal functions in early January 2026. Until then, users must rely on SWIFT or P2P channels to MOVE funds from accounts.
The temporary change influenced euro and Polish zloty transactions, which commonly used the payment platform. Yet Binance maintained normal operations for other supported payment options throughout the update window. This ensured that users who held multi-currency balances could still manage essential transfers.
The exchange continued emphasizing that no internal policy changes affected P2P services. These features kept operating without interruptions and allowed users to maintain flexible trading routes. Additionally, Binance reiterated that CORE account top-ups and crypto conversions remained active.
Regulatory Context and Renewed Global Scrutiny
Binance faced additional scrutiny after recent reports highlighted historical activity involving a group of accounts flagged for unusual transfers. The investigation outlined transactions processed across multiple jurisdictions after the company reached a major settlement in the United States. Yet Binance maintained that none of the involved wallets held sanction status during the assessed period.
The exchange stated that its compliance reviews considered available data at the time of each transfer. It also indicated that it applied updated controls as part of broader settlement obligations. Moreover, Binance maintained that operational policy shifts followed regulatory requirements and partner-level decisions.
The company now adapts its regional services as partners modify their roles under new rules. These updates continue shaping access for users in several markets, including Ukraine. Nevertheless, Binance stated that primary trading functions remain stable, and alternative payment rails support ongoing activity.
