Binance Halts Russian Ruble Deposits
Binance, a major cryptocurrency exchange, has declared that it will stop accepting deposits in Russian rubles (RUB) starting November 15, 2023. This decision is part of the company’s plan to exit the Russian market, following the sale of its entire Russian business to CommEX.
According to Binance’s official announcement, users will still be able to withdraw their Russian rubles until January 31, 2024. Additionally, the exchange is offering a fee-free option for users to transfer their fiat balances to the CommEX platform. This process involves creating a CommEX account, logging in, and connecting it to the corresponding Binance account for seamless fund transfer.
Alternatively, users can withdraw their Russian rubles through Binance’s fiat partners before the deadline. Moreover, they can convert their rubles into cryptocurrency using Binance Convert or engage in crypto trading on the Binance Spot market.
Binance’s Departure from Russia
This move by Binance comes after the recent announcement of selling its entire Russian business to CommEX. The off-boarding process is expected to last up to one year to ensure a smooth transition for existing Russian users. Binance has assured its clients that their assets are secure and protected during this period.
Noah Perlman, Binance’s Chief Compliance Officer, explained that the decision to exit Russia aligns with the company’s compliance strategy. He emphasized that Binance remains optimistic about the long-term growth of the Web3 industry globally and will focus on its operations in over 100 other countries.
Furthermore, Binance recently introduced its Web3 wallet at the Binance Blockchain Week. This self-custody wallet is integrated into the platform’s application and aims to provide millions of users with a risk-free way to engage with the sector while avoiding seed phrase loss and complex onboarding processes.
Hot Take: Binance’s Strategic Shift
Binance’s decision to cease Russian ruble deposits and sell its Russian business reflects a strategic shift driven by compliance considerations and a focus on long-term growth in other global markets. By introducing new products like the Web3 wallet, Binance aims to continue providing innovative solutions while maintaining regulatory alignment and expanding its reach worldwide.
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