Binance to Halt Russian Ruble Transactions on P2P Platform from January 31, 2024
In Brief
Binance will stop supporting the Russian ruble on its P2P platform from January 31, 2024, directing users to CommEX for trading.
Crypto exchange Binance announced that it will permanently suspend trading pairs with the Russian ruble on its peer-to-peer (P2P) platform, effective from January 31, 2024, at 00:00 UTC. This decision marks a significant shift in the exchange’s operations concerning the Russian currency.
For users holding ruble funds, Binance outlined several withdrawal options, including using the exchange’s fiat partners, converting rubles into cryptocurrency on Binance Convert, or trading them on the spot market. Additionally, users interested in continuing ruble transactions can switch to CommEX, which now handles Binance’s Russian business.
Switch to CommEX for P2P Russian Ruble Trading
Binance has provided a straightforward process for this transition. Users need to register or log into their CommEX account and link it to their existing Binance account. Once the connection is set up, assets can be transferred from Binance to CommEX, allowing users to resume P2P trading with the Russian ruble on the new platform.
This move follows Binance’s announcement in September of its exit from Russia and the subsequent sale of its business there to CommEX. The exchange is actively guiding its Russian users through a systematic transition to another platform, a process expected to take approximately a year.
📢 Binance shakes the crypto world! 🚀 It's bidding farewell to Russian Ruble (RUB) P2P trading pairs, including Bitcoin and Ethereum, by January-end. 🇷🇺 What's next for the crypto giant amidst regulatory challenges?🚀💥 #Binance #Bitcoin #Ethereum #CryptoNews pic.twitter.com/ozq45onjuV
— Collin Brown (@CollinBrownXRP) December 11, 2023
Binance’s decision to leave Russia and halt ruble transactions aligns with its need to comply with regulatory requirements, amidst reports of a U.S. Department of Justice investigation into the exchange for potential violations of sanctions against Russia.
In addition to suspending ruble trading pairs, Binance ceased accepting deposits in Russian rubles on November 15, with withdrawal services continuing until the January 2024 deadline. Furthermore, on November 20, the exchange eliminated trading pairs involving rubles and major cryptocurrencies.
The platform also terminated its partnership with the Advcash payment system. This decision appears linked to concerns that clients were using this gateway to transfer funds from sanctioned Russian banks, highlighting Binance’s efforts to maintain compliance with international regulatory standards.
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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
