Unfortunately, PayPal announced on March 4th that they are suspending all services in Russia. However, that doesn’t mean that users’ digital assets are unavailable immediately. As for now, there are lots of details to be announced by PayPal regarding this action. So don’t panic, your money is safe for the moment. On the other hand, considering the circumstances, we have presented some solutions for those who are affected by this decision. Although the details remain uncertain, here is everything to know about PayPal in Russia.
PayPal’s CEO Dan Schulman said on Saturday that PayPal is suspending services in Russia. This was announced in a letter addressed to the Ukrainian Government.
“Under the current circumstances, we are suspending PayPal services in Russia,” Soon after, Ukraine’s minister of digital transformation Mykhailo Fedorov tweeted the letter. Finally, a PayPal spokesperson officially confirmed the news while clarifying some speculations. Basically, the company will “continue work to process customer withdraws for period of time, ensuring that account balances are dispersed in line with applicable laws and regulations,” the spokesperson told CNBC.
Essentially, PayPal will not allow new users to register from Russia which started last week. So for now, the company will dedicate some time for withdrawals and users should not worry about assets in their accounts.
Sadly, considering the scope of this announcement, very little information is released. Users in Russia are shocked by this news and they are rushing to withdraw from their accounts. To make things worse, we have no known specific time limit as to how much time Russians will have to make withdrawals. Rest assured, we will keep you updated on this matter as soon as there is further information.
PayPal has been limiting their services in Russia as far back as 2020. And this latest action was the final nail the coffin. From now on, send and receive functions and making international transfers would not be available for Russians.
Furthermore, Visa and Mastercard are also cutting ties with financial Russian institutions. Initially, sending and receiving money to and from Russia are difficult to say the least.
What Can You Do?
Well, Crypto is the answer. It doesn’t take much to exchange your currencies into crypto. All you need is a crypto wallet and an exchange platform. In that regard, some exchange platforms require KYC (know your customer) and will limit your deposit and withdrawal amount. But the good news is that you can simply head over to HiExchange, and exchange as much as you want within minutes! HiExchange does not require KYC or even sign up so you can quickly buy crypto without any limit.
In desperate times, cryptocurrencies will basically be the only way to save your money. If not for war or natural disasters, the governments can simply limit investors from making withdrawals from their accounts. We can see this situation happening in both Russia and Canada. Yet with Crypto, you will have access to your money in a digital wallet wherever you are in the world. Just enter your password and you’re good to go.
And by crypto we don’t mean just Bitcoin. In fact, considering the volatility, stablecoins are a solid choice to store your assets somewhere other than banks. Stablecoins have their value pegged to another currency like the US dollar. Fortunately, we already have a list of top stablecoins to buy that are better alternatives for Tether USD.
HiExchange is a decentralized online platform to exchange your cryptocurrencies and e-currencies. We utilize an automated system to determine the best exchange rates at any moment. Furthermore, HiExchange does not require KYC or a sign-up process. Also, the platform offers 24/7 customer support.
To learn how to exchange your cryptocurrencies to PayPal you can read our instructional article.
For more instructional content, you can always visit HiExchange Blog