Cryptocurrency Exchange Binance to Terminate Russian Ruble Deposits
Binance, the cryptocurrency exchange, is moving forward with its exit from Russia and is set to stop accepting local currency deposits next week. According to an official announcement, Binance will no longer accept deposits in Russian rubles starting November 15, 2023. Users are advised to withdraw their RUB from the platform as the firm expects to terminate RUB withdrawals on January 31, 2024.
However, Binance has provided an alternative for its users by allowing them to transfer their funds to CommEX, a new crypto exchange that acquired Binance’s Russian division in September 2023. RUB withdrawals on CommEX will be zero-fee. Users can also utilize Binance’s fiat partners or the Convert tool on the Binance Spot Market to exchange RUB for cryptocurrency.
Controversy Surrounding the Exit
The full exit of Binance from Russia was announced through the sale of its firm to CommEX in September 2023. This move sparked controversy and speculation regarding possible ties between Binance and CommEX, given the lack of transparency surrounding the deal and the hiring of former Russia-related executives from Binance by CommEX.
Binance has denied these allegations and stated that there are no plans to re-enter the Russian market. However, many crypto observers remain skeptical about the true nature of the relationship between Binance and CommEX.
Hot Take: Uncertain Future for Binance in Russia
The sale of Binance’s Russian division and its subsequent exit from the country raise questions about the future of the exchange in Russia. With lingering doubts about its ties to CommEX and concerns over Western sanctions against Russia, it remains to be seen whether Binance will make a comeback in the Russian market or if this truly marks its final departure.
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