In a recent turn of events, Binance, the world’s largest cryptocurrency exchange, recently issued a statement updating its users on the Russian ruble (RUB) landscape following its plans to exit Russia.
As per the statement, following the decision to exit Russia, the exchange will stop all RUB deposits while continuing to facilitate withdrawals till a later date.
Earlier this year, Binance announced its plans to exit Russia and off-board Russian users, selling its entire Russian branch to CommEX, another digital asset exchange. The sale of Binance’s Russian branch to CommEX marked a significant shift in the crypto landscape.
Recent Updates On Binance Orbiting RUB
Binance notified its users today that following the decision to exit Russia with the sale to CommEx, the firm is setting its sights on ceasing RUB deposits as of November 15 at 00:00 UTC. However, the withdrawals revolving around Russian rubles will be available until January 31, 2024.
Furthermore, the exchange clarified that users with fiat balance reserves in Russian rubles are free to transfer their funds to the CommEX platform without being subject to any transaction fees.
Moreover, upon successfully linking the CommEx and Binance accounts, users can freely transfer the RUB on Binance to CommEX. Users may withdraw their Russian rubles through Binance’s fiat partners before the deadline provided by the crypto exchange or transform their RUB into cryptos via Binance Convert. Additionally, users can also trade their Russian rubles for cryptocurrencies on the Binance Spot market.
Binance Exiting Russia
Earlier this year, as reported by Coingape media, Binance announced plans to exit Russia while selling its entire Russian entity to CommEX. According to reports, the aforestated decision comes in alignment with a recent statement by Noah Perlman, Binance’s chief compliance officer.
Noah stated that operating in Russia appears to be incompatible with Binance’s compliance strategy, resulting in the firm’s exit from Russia in September 2023. The Russian users’ off-boarding process is said to take up to one year, although Binance is reassuring its users that their funds are completely safe.
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