Ukrainian Pharmacy Enables Crypto Payments Via Binance Pay

Pharmacies in Ukraine are now accepting payments in digital currencies as the Russo-Ukrainian war has made using fiat currencies difficult.

According to an official announcement on January 3, a major local chain has enabled payments in crypto tokens such as Bitcoin (BTC).

One of the largest pharmacy chains in Ukraine christened ANC Pharmacy has collaborated with Binance Ukraine to introduce crypto payments via the famous contactless crypto payment service Binance Pay. Accordingly, ANC Pharmacy now allows customers to make instant payments when they buy pharmacy products online.

ANC Pharmacy is a chain operating more than 1,000 pharmacy outlets across Ukraine. By leveraging the chain’s online pharmacy service, Binance Pay payment services will be available to residents in Kyiv.

Ukrainian Pharmacies Now Accept Crypto Payments Via Binance Pay

From the blog, it follows that the payment feature will not only be available at ANC Pharmacies but also in stores operated by the ANC Pharmacy conglomerate. These include Kopiyka and Shara, among others. Citing a statement in the announcement:

“ANC, Kopiyka, and Shara are the first pharmacies in Europe to accept crypto.”

To use the crypto payment service, a customer must first download the Binance application and then go to the ANC website. On the website, the customer chooses what product they want to order online and thereafter pays via Binance Pay. Notably, order collection takes place at a location that best suits the customer.

Binance Expands To Ukraine

It should be noted that Binance has demonstrated interest to venture into the Ukrainian market for several years now, including a move in September 2022 when the largest crypto exchange by market cap partnered with Varus, a Ukrainian supermarket chain. With this deal, Varus customers would henceforth pay for grocery purchases via Binance Pay Wallet.

Binance Ukraine’s general manager Krill Khomyakov disclosed to a news site that their top priority for 2022 was to launch a Binance Card in Ukraine. This was earlier in February 2022, this was weeks before the Russian invasion of Ukraine,

Supporting his statement, Khomyakov said crypto payments via services like Binance Card don’t contravene the country’s laws in any way. The statement was true given that there is no ban on cryptocurrency-derived transactions in Ukraine.

That notwithstanding, local laws in Ukraine do not permit direct payments in cryptos such as Bitcoin.

Besides Ukraine, the largest crypto exchange in the world has been on an expansion spree for some time now and has been winning regulatory approvals across the years to open the gateway for its services across Asia, France, Italy, Spain, Dubai, Abu Dhabi, and Bahrain, among others.

Binance Global Advisory Board

In Sep. 2022, Binance launched a global advisory board led by former U.S. senator and ambassador to China, Max Baucus. As Chairperson of the board, Baucus provides advice on regulatory, political, and social issues.

Binance has also taken its role as a blockchain industry leader by storm. It innovates new products and services for financial accessibility and inclusivity. The company recorded a colossal increase in Binance Pay users across the African continent. This underscored its sturdy use case and continued adoption.

In 2022, the exchange grew its product offerings across several regions. It enabled instant deposits and withdrawals for the South African Rand (ZAR) in August 2022. The move allowed South Africans to make fast payments and secure deposits through Instant EFT. The launch was a success, providing a new and competitive fiat gateway for South Africa.

Nigeria benefited from Binance’s innovative ways of providing a fiat gateway for the Nigerian Naira (NGN) via Cashlink in October. Users now enjoy withdrawal and deposit of the NGN directly to and from their wallets, which facilitates greater financial access.

Complementing increased adoption, the blockchain mogul has also made an impact in the Eastern, Southern, and Francophone African markets. This is by way of new recruitment including regional leads to spearhead business operations in their respective regions.

Binance Responds To Speculation Regarding GOPAX Acquisition

Still, on Binance, reports on local media have speculated that the giant exchange is in late-stage talks to acquire South Korean digital asset exchange GOPAX. The expectation comes following reports by local news outlet Decenter reported, which suggested that Binance is looking to buy a 41.2% stake in GOPAX.

In a December 31 announcement, GOPAX revealed the completion of due diligence for a new business deal with the “largest global blockchain infrastructure company.” While they did not specify whom, citing a non-disclosure agreement, media outlets speculated that Binance was the unnamed company.

GOPAX stands among South Korea’s five crypto trading platforms with a license to offer fiat-to-crypto services to customers. The digital asset exchange was last to attain the license among the five, and commands almost 0.1% of the local crypto market, with industry peer Upbit controlling over 80%.

If there is any truth to the speculation, then Binance would be acquiring the asset exchange from Lee Jun-haeng, the company’s founder and largest shareholder, who is expected to remain as chief executive officer (CEO) post-purchase.  When asked to validate the matter, a Binance spokesperson said:

“We don’t comment on speculations or rumors.”

Nevertheless, in a November 2022 announcement, Binance CEO Changpeng Zhao (aka CZ) said that the exchange was planning to enter the South Korean market. The same year, Binance signed a deal with local Busan city to promote its blockchain ecosystem. As part of the agreement, Binance would establish a regional office in Busan.

GOPAX has been seeking new investment since the halting of withdrawals of principal and interest payments at its DeFi service GOFi on Nov 16. The move was provisional as the digital asset manager brokered products from Genesis Global Capital, which eventually also suspended withdrawals.

The expected partner would be venturing into the South Korean market for the first time. Given that Binance has a history of operating in the country in 2020, the speculations stand on unfounded ground. Notably, Binance pulled out of the South Korean market shortly after citing “tightened local regulations for crypto exchanges.”

South Korean Rules For Crypto Trading Platforms

For a crypto trading platform to operate in South Korea, the authorities must grant them information security approval. Partnering with a local bank for user deposit and withdrawal accounts under real names and other KYC rules is also key.