

On Saturday, the 5th of March, MasterCard and Visa declared that they are suspending their operations in Russia. However, card holders will still be allowed to use their cards domestically, because payments within Russia all go through the country’s national system, independent of international network.
It should be noted that the block applies to MasterCard and Visa cards issued abroad and will be unusable at shops, POS terminals, online, and ATMs in Russia. This also applies to cards issued domestically, which will no longer be available for use for purchases or transactions outside the country. Of course, the impact here is great, especially when we keep in mind that these two companies are responsible for most of the transactions around the world.
Because of this, many online traders may have issues managing with their trading account. Some will even have their trading account balance locked, due to the inability to withdraw any winnings. This is precisely where cryptocurrencies come in play.
Cryptocurrencies are a decentralized asset, which cannot be banned from use and doesn’t rely on any institutions (except for centralised tokens). With cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) you can rest assured that none of the aforementioned issues can occur. This directly translates into cryptocurrencies being a safe alternative to fiat currencies for both forex brokers and online casinos.
There are many other reasons why people are looking into the crypto world as a safe haven for their funds. This mainly includes inflation, but is not limited to it.
What should be mentioned here is that one of the major crypto exchange platforms – Coinbase – has blocked more than 25,000 accounts of Russian background. This just shows you that not all exchange are as reliable. It reveals how some centralised exchanges can bring chaos when required, which is something the crypto community does not condone.
On the other hand, we’ve got the biggest major crypto exchange platform by daily volume and registered account – Binance – which states that it will only block a number of accounts that are already sanctioned by the West. However, their stance was strong when it comes to blocking accounts of regular Russian citizens. They made it clear they will not block the accounts of millions of innocent Russians, because of the actions of few, but also stated they will comply with international sanctions where applicable.
Because of the limitations that crypto platforms can apply, it is highly recommended to have your own crypto wallet and not rely on a crypto exchange account. With your own crypto wallet you have the private key, meaning your coins cannot be blocked, unlike on-platform wallets. Some easy-to-setup third-party crypto wallets are Metamask, Exodus, Mycelium, TrustWallet, and Electrum.