Pakistani exchange suspends Ukrainian users' card withdrawals, payment partner Bifinity service terminated

Source: TokenPost Original Title: Binance suspends Visa and Mastercard withdrawals in Ukraine following Bifinity exit Original Link: The Pakistani exchange has temporarily halted Visa and Mastercard withdrawals for Ukrainian users due to the termination of services with payment partner Bifinity. P2P trading and SWIFT bank transfers remain operational.

Details of Service Disruption

This measure took effect on December 29, with an in-app announcement notifying users in advance. The Pakistani exchange stated that this disruption only affects Ukrainian users utilizing Bifinity services. Bifinity is the exchange’s licensed fiat on/off-ramp technology subsidiary, which completed its termination of cooperation with the exchange at the end of December.

The exchange explained that this is a temporary measure during technical maintenance and infrastructure transition, unrelated to actions by the Ukrainian Central Bank or government agencies. P2P trading functions continue to operate normally.

User Funds Transfer Plan

Affected by this measure, Ukrainian users cannot directly withdraw via Visa and Mastercard. The regular purchase feature has also been suspended, and all existing fiat limit orders have been canceled.

However, deposit functions remain unchanged, and users can still fund accounts via Visa, Mastercard, Apple Pay, and Google Pay. SWIFT bank transfers also support deposits and withdrawals. Users needing to withdraw funds are advised to use bank transfers or P2P trading as alternatives.

The exchange also announced the suspension of another major payment service, Zen.com, which mainly facilitates euro and Polish zloty trading, with an expected resumption on January 6, 2026. Until then, users are encouraged to actively use SWIFT or P2P trading.

Infrastructure Adjustments Amid Global Regulatory Environment

Bifinity, launched by the exchange in 2022, is a fiat settlement solution company responsible for various fiat on/off-ramp functions related to cryptocurrency purchases. However, in light of changing global regulatory conditions, the company has decided to cease services at the end of this month.

In its December 15 announcement, the exchange stated, “Bifinity service termination is due to regulatory changes and will not affect user funds’ safety.” Users were informed that some functionalities might be limited during the transition to a new payment provider.

This move is part of a broader effort to strengthen regulation of cryptocurrency fiat services worldwide. The exchange said it will continue collaborating with compliant partners to normalize deposit and withdrawal services.

Importance of the Ukrainian Market

Ukraine is one of the exchange’s core markets in Europe. By mid-2024, the exchange’s Ukrainian user base is approximately 4.8 million, ranking in the top ten globally. As domestic cryptocurrency adoption increases, the exchange is actively introducing new payment options through its FAQ page.

Meanwhile, the exchange has also launched promotional activities related to dollar-based yield products. Although not directly related to the Ukrainian card withdrawal interruption, this reflects the platform’s ongoing efforts to expand and enhance its features.