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Binance to Cease Ruble Deposits and Withdrawals

Date:

Binance
has officially announced its impending withdrawal from the Russian market. As
part of this exit strategy, Binance will cease accepting deposits in Russian
rubles (RUB) starting from November 15, 2023.

Users
are encouraged to withdraw their RUB holdings from the platform, as Binance
intends to halt RUB withdrawals on January 31, 2024. Binance users have the
option to transfer their funds to CommEX. Users choosing this path will get
zero-fee RUB withdrawals on CommEX.

Binance
is offering other withdrawal alternatives. Users can leverage Binance’s fiat
partners to convert their RUB holdings into cryptocurrencies using the “Convert” tool or exchange them on the Binance Spot Market. However,
it’s important to note that withdrawals via fiat partners may be subject to a
fee of up to 1%, as confirmed by a Binance spokesperson.

Finance Magnates reported earlier
that Binance
had confirmed its full withdrawal from the Russian market
. The exchange has
undertaken an agreement to transfer its entire business operations in Russia to
CommEX. The announcement of this exit was made by Binance on September 27. In
an official statement, Binance reassured its users, saying: “All assets of
existing Russian users are safe and securely protected.”

Binance’s
Chief Compliance Officer, Noah Perlman, provided insight behind this exit. Perlman
stated: “As we look toward the future, we recognize that operating in
Russia is not compatible with Binance’s compliance strategy.”

Earlier
reports revealed that Binance permitted Russian users to purchase
cryptocurrencies through its peer-to-peer trading platform using six sanctioned
banks, including Tinkoff Bank and Rosbank. In response to allegations, Binance
discontinued support for these sanctioned banks, acknowledging it as a “gap” in its service.

Speculation
Surrounding CommEX

There
has been speculation in the crypto community regarding CommEX’s relationship
with Binance, with
some suggesting that it might be a new name for Binance itself. These
speculations arise from the hiring of prominent former Russia-related
executives from Binance by CommEX. However,
Binance has consistently denied any connections between the two entities.

A
spokesperson for Binance emphasized to exit the Russian market entirely,
stating: “With this sale, Binance fully exits Russia. We have no plans to
get back.”

Binance
has officially announced its impending withdrawal from the Russian market. As
part of this exit strategy, Binance will cease accepting deposits in Russian
rubles (RUB) starting from November 15, 2023.

Users
are encouraged to withdraw their RUB holdings from the platform, as Binance
intends to halt RUB withdrawals on January 31, 2024. Binance users have the
option to transfer their funds to CommEX. Users choosing this path will get
zero-fee RUB withdrawals on CommEX.

Binance
is offering other withdrawal alternatives. Users can leverage Binance’s fiat
partners to convert their RUB holdings into cryptocurrencies using the “Convert” tool or exchange them on the Binance Spot Market. However,
it’s important to note that withdrawals via fiat partners may be subject to a
fee of up to 1%, as confirmed by a Binance spokesperson.

Finance Magnates reported earlier
that Binance
had confirmed its full withdrawal from the Russian market
. The exchange has
undertaken an agreement to transfer its entire business operations in Russia to
CommEX. The announcement of this exit was made by Binance on September 27. In
an official statement, Binance reassured its users, saying: “All assets of
existing Russian users are safe and securely protected.”

Binance’s
Chief Compliance Officer, Noah Perlman, provided insight behind this exit. Perlman
stated: “As we look toward the future, we recognize that operating in
Russia is not compatible with Binance’s compliance strategy.”

Earlier
reports revealed that Binance permitted Russian users to purchase
cryptocurrencies through its peer-to-peer trading platform using six sanctioned
banks, including Tinkoff Bank and Rosbank. In response to allegations, Binance
discontinued support for these sanctioned banks, acknowledging it as a “gap” in its service.

Speculation
Surrounding CommEX

There
has been speculation in the crypto community regarding CommEX’s relationship
with Binance, with
some suggesting that it might be a new name for Binance itself. These
speculations arise from the hiring of prominent former Russia-related
executives from Binance by CommEX. However,
Binance has consistently denied any connections between the two entities.

A
spokesperson for Binance emphasized to exit the Russian market entirely,
stating: “With this sale, Binance fully exits Russia. We have no plans to
get back.”

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