Binance Ends Russian Ruble Trading Pairs on P2P Platforms
Digital asset exchange Binance has announced that it will no longer support Russian Ruble trading pairs on its peer-to-peer (P2P) platforms starting from January 31, 2024. The decision comes as Binance exits the Russian market due to regulatory and compliance concerns. Users can continue trading with the Russian Ruble on the CommEx platform and transfer assets from Binance to CommEX. Alternatively, users can convert RUB for crypto via the spot market or withdraw assets through fiat partners before the deadline. Binance’s exit from the Russian market was prompted by compliance issues related to sanctions and resulted in executive departures from the company.
Binance’s Exit from Russia
Binance’s decision to leave the Russian market was anticipated due to compliance issues with financial institutions and sanctions imposed by Western countries. The exchange was accused of helping Russia bypass these sanctions through high ruble trading volumes on its P2P platform. Binance denied any partnership with sanctioned banks and prohibited P2P services for all users. The investigation into Binance’s regulatory compliance led to executive departures and raised concerns in the wider market. In September, Binance announced a full exit from Moscow and sold its operations to CommEx, citing incompatibility with its compliance strategy.
Hot Take: Binance Closes Doors on Russian Ruble Trading
Digital asset exchange Binance has decided to discontinue Russian Ruble trading pairs on its peer-to-peer platforms, marking its exit from the Russian market. The move comes amidst regulatory and compliance concerns that have plagued the exchange. Users can still trade with the Russian Ruble on the CommEx platform or convert RUB for crypto via the spot market until January 31, 2024. This decision follows allegations that Binance helped Russia bypass sanctions imposed by Western countries through its P2P services. The exit from the Russian market and the sale of operations to CommEx have led to executive departures and raised questions about Binance’s regulatory compliance.
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