Business News Report
November 10, 2023

Binance Will Cease Russian Ruble Deposits, Shifts Focus to CommEX Transition

In Brief

Binance will stop accepting Russian Ruble deposits from November 15, 2023, following its exit from Russia and sale to CommEX, but will allow withdrawals until January 31, 2024.

Binance Announces Closure of Russian Ruble Deposits and Transition to CommEX

In a significant move, Binance has announced it will stop accepting deposits in Russian Rubles (RUB) from November 15, 2023, following its decision to exit the Russian market and its sale to CommEX. This change marks a notable shift in the platform’s operations, reflecting the dynamic nature of global cryptocurrency exchanges.

While deposits in Russian rubles will cease, Binance users will still be able to withdraw their RUB holdings until January 31, 2024. This extended withdrawal period provides users ample time to manage their assets amidst these changes.

Plans a Smooth User Transfer to CommEX

To facilitate a smooth transition for its users, Binance is offering fee-free transfers of fiat balances in Russian rubles to the CommEX platform. Users need to register or log into their CommEX account and link it to their corresponding Binance account to initiate the transfer of funds.

For users looking to withdraw their Russian ruble holdings, Binance suggests several options: they can use Binance’s fiat partners before the deadline, convert their rubles to crypto using Binance Convert, or trade them for crypto on the Binance Spot market. These alternatives provide flexibility for users to manage their assets in light of the new changes.

Binance emphasizes that in case of any discrepancies between translated versions of this announcement and the original English version, the English version will be considered authoritative.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

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 Asti
Nik Asti

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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