In anticipation of Binance’s departure from Russia, the cryptocurrency exchange is presently focusing on discontinuing RUB deposits.
Binance, the largest cryptocurrency exchange in the world, issued a statement updating its users on the Russian ruble (RUB) landscape in the wake of its impending withdrawal from the country.
Following the statement, the exchange will halt all RUB deposits after the decision to withdraw from Russia while continuing to process withdrawals until a later time.
Binance announced its intention to withdraw from Russia and offboard Russian users earlier this year. To do so, the exchange sold its complete Russian branch to CommEX, an additional digital asset exchange. A significant shift in the cryptocurrency landscape occurred with CommEX acquiring Binance’s Russian branch.
Updates On Binance Orbiting RUB
Binance informed its users today that, in light of its sale to CommEx and subsequent decision to withdraw from Russia, the company intends to discontinue RUB deposits on November 15 at 00:00 UTC. Nevertheless, withdrawals in Russian rubles will remain accessible through January 31, 2024.
Additionally, the exchange clarified that individuals holding fiat balance reserves denominated in Russian rubles may effortlessly transmit those funds to the CommEX platform without incurring transaction fees.
Furthermore, once the CommEx and Binance accounts are effectively linked, users are granted unrestricted access to transfer RUB from Binance to CommEX.
Users can convert their Russian rubles into cryptocurrencies via Binance Convert or withdraw their RUB through the fiat partners of Binance before the deadline specified by the cryptocurrency exchange. On the Binance Spot market, customers may exchange their Russian rubles for cryptocurrencies.
On Binance Exiting Russia
Binance declared its intention to withdraw from Russia and sell its entire Russian entity to CommEX. As per reports, the decision above is consistent with a statement made by Binance’s chief compliance officer, Noah Perlman, which was recently disclosed.
Noah asserted that Binance’s compliance strategy seems incompatible with its operations in Russia, ultimately leading to the company’s withdrawal from the country in September 2023.
It has been reported that the off-boarding procedure for Russian users could take up to a year; however, Binance assures its users that their funds are secure.
