Binance Exchange to Cease Russian Ruble Deposits
Effective November 15, Binance will no longer accept deposits in Russian rubles, with withdrawals allowed until January 31, 2024. Users holding fiat balances in Russian rubles can transfer their funds to CommEX at no cost. In a related move, CommEX recently introduced a channel for adding and withdrawing funds in rubles and initiated trading in the USDT/RUB pair on the spot market.
“Register or log into your CommEX account and link it to your Binance account. Once connected, you can transfer your Russian rubles from Binance to CommEX.”
Binance announcement
Binance’s decision to sever ties with the Advcash payment system is believed to be related to clients using it to transfer funds from sanctioned Russian banks. This development follows Binance’s September announcement of its departure from Russia, with the transition of existing users to the new platform expected to take up to a year.
The new platform, CommEX, was unveiled just before Binance’s official announcement. New users who complete the personal data verification process will be directed to CommEX.
Hot Take: Binance Shifts Focus Amid Regulatory Pressure
Binance’s decision to halt Russian ruble deposits reflects its response to regulatory challenges and its effort to align with evolving compliance standards. The move also underscores the increasing importance of secure and compliant crypto transactions in today’s global landscape.
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