OKX and Bybit delist sanctioned Russian banks from payment options

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Key takeaways:

  • Bybit and OKX, major crypto exchanges, exclude sanctioned Russian banks as payment options.
  • Tinkoff Bank and Sberbank are no longer options for P2P transactions. 

Two major crypto exchanges, OKX and Bybit, have followed Binance‘s lead in excluding Russian banks subject to international financial sanctions from their payment offerings. Specifically, Tinkoff Bank and Sberbank are no longer accessible in the peer-to-peer (P2P) transaction listings on these platforms.

Reports from Russian media indicate that local users can no longer use Tinkoff Bank or Sberbank accounts for P2P exchanges of fiat money for cryptocurrency on OKX and Bybit. Despite this move, no official statements have been released through official channels by either exchange.

As of now, OKX still allows users to receive fiat money on accounts held with the Russian branches of Raiffeisen Bank and Russian Standard Bank, both of which are not designated as sanctioned entities by the United States Treasury.

This action comes in response to recent attention sparked by a Wall Street Journal report that initially highlighted Binance’s inclusion of Tinkoff and Sberbank as transfer methods. The official brands of Tinkoff and Sberbank were subsequently removed from Binance’s P2P platform, but color-coded options representing these banks remained temporarily.

Following these developments, the Wall Street Journal reported that Binance’s list had been purged of all sanctioned banks, a statement attributed to a representative from Binance.

Payment methods were veiled using color coding, seemingly to obscure their identities deliberately. Notably, Sber and Tinkoff bank cards were represented as ‘green’ and ‘yellow’ choices on the P2P platform.

Russian users have alternative options, including SBP fast transfers and payment systems like Payeer, Paysera, Revolut, Skrill, WebMoney, Wise, Qiwi, YuMoney, as reported by ForkLog.

Bybit cryptocurrency exchange users also observed the absence of Sber and Tinkoff on the P2P platform. Although these banks are still listed as available payment providers, transactions involving them cannot be processed. 

Back in May, Following significant changes in the regulatory sector, Bybit had to pause providing products and services to residents and nationalities of Canada.

These modifications in exchanges could impact user strategies and actions. Yet, it’s crucial to bear in mind that cryptocurrency markets are highly volatile. Alterations like these can introduce fresh possibilities and uncertainties.

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Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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