Updates on Binance and RUB
If you are a Binance user, you should know that the exchange is updating its users on the Russian ruble (RUB) situation. The update comes after the recent decision to exit Russia. As a result, Binance will stop all RUB deposits while still allowing withdrawals until a later date.
Recent Changes in Binance’s RUB Operations
Binance has recently announced that it plans to stop RUB deposits from November 15 at 00:00 UTC following its exit from Russia. However, users will be able to withdraw their Russian rubles until January 31, 2024. Additionally, users can transfer their RUB balance to CommEX without incurring transaction fees.
Furthermore, users who link their CommEx and Binance accounts can freely transfer RUB from Binance to CommEX. They can also withdraw their Russian rubles through Binance’s fiat partners or convert them into cryptocurrencies using Binance Convert. Additionally, users can trade their Russian rubles for cryptocurrencies on the Binance Spot market.
Binance’s Exit From Russia
Earlier this year, Binance announced its plans to exit Russia by selling its entire Russian branch to CommEX. This decision aligns with the statement made by Noah Perlman, Binance’s chief compliance officer, indicating that operating in Russia does not align with Binance’s compliance strategy. The off-boarding process for Russian users will take up to one year, but the exchange assures users that their funds are safe.
Hot Take: Implications of Binance’s Decision
Binance’s decision to exit Russia has significant implications for its users and the crypto landscape. While it may inconvenience some users initially, it ultimately reflects the exchange’s commitment to compliance and regulatory standards.
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