Binance to Halt Russian Ruble Deposits as Part of Exit Strategy from Russia
Binance, the largest cryptocurrency exchange, has officially announced plans to cease the deposit of Russian rubles on its platform due to the discontinuation of operations in Russia.
On November 11, the crypto exchange Binance announced that it would stop accepting deposits in Russian rubles starting November 15. The exchange also advises users to withdraw their RUB from the platform, as the option for withdrawals in Russian rubles will only remain available on the platform until 9 o’clock on January 31 of the following year.
Binance has made it easier for its users to withdraw Russian rubles (RUB) from their accounts by providing multiple options for withdrawal. Binance users can make their RUB withdrawals using its fiat partners to convert RUB into cryptocurrencies through the “Convert” tool or by exchanging RUB on the Binance Spot Market.
Additionally, users have alternative withdrawal methods, such as utilizing CommEX, a new crypto exchange business that acquired Binance’s Russian division in September 2023.
Also, it’s important to note that RUB withdrawals on CommEX will be free of charge, while withdrawing RUB through Binance’s fiat partners may incur a fee of up to 1%.
New users who have completed their personal data verification procedure with Binance are partially redirected to the CommEX platform. Upon successfully linking the CommEx and Binance accounts, users can freely transfer the RUB on Binance to CommEX.
Previously, Binance terminated its partnership with the Advcash payment system. According to some reports, the reason is that clients transferred funds from sanctioned Russian banks through this gateway.
Earlier this year, Binance decided to depart from the Russian market, subsequently initiating the
