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Binance to Cease Accepting Russian Ruble Deposits, Withdrawals to Follow

source-logo  en.coin-turk.com 11 November 2023 00:51, UTC

Crypto exchange Binance continues its exit process from Russia and plans to end local currency deposits next week. In an official announcement on November 10, the world-renowned crypto exchange stated that it will stop accepting deposits in Russian rubles starting from November 15, 2023.

How Will the Process Continue?

Binance officials also expect to terminate RUB withdrawal operations on January 31, 2024 and therefore advise users to withdraw their RUB assets from the platform.

In the announcement, it was also revealed that Binance users can transfer their assets to CommEX, a new crypto exchange operation that acquired Binance’s Russia division in September 2023. Binance stated that RUB withdrawals on the CommEX platform will be commission-free.

Among other withdrawal options, Binance’s fiat partners are also available, allowing users to convert their RUB assets to cryptocurrency using the “Convert” feature or simply make exchanges on the Binance Spot Market. Binance officials did not disclose the commission fees for other withdrawal methods.

Notable Claims Regarding Binance

Binance announced that it completely exited Russia by selling the company to CommEX, a crypto exchange operation that was launched as CommEX in late September 2023 and recently made available to users. Due to the lack of information about the size of the ongoing agreement between Binance and CommEX or the founders of the CommEX platform, this process has led to different debates.

According to many crypto observers, the CommEX platform is claimed to be a new subsidiary name for Binance and is used as a tool for the exchange to continue its operations in Russia without facing the sanctions imposed by Western countries on the country. Individuals who put forward these claims provided significant evidence, including CommEX hiring prominent former executives related to Russia from Binance.

Binance continues to deny any possible connections between the platform and CommEX. A Binance spokesperson commented on the matter:

“With this sale, Binance has completely exited Russia. We have no plans to return.”