Cryptocurrency exchange Binance has announced the suspension of Russian ruble (RUB) deposits starting from November 15, 2023.
This decision by the company comes following its recent announcement regarding the sale of its entire Russian business to CommEX.
Binance to Cease Russian Ruble Deposits
In a November 10 announcement, Binance said it would be stopping Russian RUB deposits as of 00:00 on November 15, 2023 (UTC), marking a crucial step in its decision to exit the Russian market. The withdrawal of Russian Rubles will, however, remain accessible until January 31, 2024 (UTC), providing users a window for fund retrieval.
As part of this transition, Binance is offering users holding fiat balances in Russian rubles a fee-free option to transfer their funds to the CommEX platform. This process involves registering for a CommEX account, logging in, and seamlessly connecting it to their corresponding Binance account. Once linked, users can initiate the transfer of their Russian rubles from Binance to CommEX.
Alternatively, users have the option to withdraw their Russian rubles through Binance’s fiat partners before the stipulated deadline. Furthermore, Binance offers the ability to convert Russian rubles into cryptocurrency through Binance Convert or engage in crypto trading on the Binance Spot market.
Binance’s Exit from the Russian Market
This decision by Binance comes on the heels of its recent announcement regarding the sale of its entire Russian business to CommEX. The off-boarding process is anticipated to span up to one year to ensure a smooth transition for existing Russian users.
Binance reassured its user base that all assets of Russian clients are secure and protected during this period.
Noah Perlman, Binance’s Chief Compliance Officer, shed light on the reason behind the exit, stating, “As we look toward the future, we recognize that operating in Russia is not compatible with Binance’s compliance strategy. We remain confident in the long-term growth of the Web3 industry around the world and will focus our energy on the 100+ other countries in which we operate,” as outlined in Binance’s official announcement.
Meanwhile, the exchange recently introduced its Web3 wallet at the Binance Blockchain Week, enabling millions of users to engage with the sector risk-free, avoiding the challenges of seed phrase loss and complex onboarding. This self-custody wallet is integrated into the platform’s application.