End of P2P Trading with Russian Ruble on Binance
Starting from January 31, 2024, the P2P platform of Binance will no longer support trading pairs involving the Russian ruble. However, users will still be able to withdraw funds in this currency through the exchange’s fiat partners or convert them into cryptocurrency using Binance Convert. Alternatively, they can exchange their rubles on the spot market. Another option for trading with the Russian ruble is through CommEX, which now owns Binance’s Russian business.
“To use CommEX for P2P trading, simply register for or log into the CommEX account and connect it to the corresponding Binance account. Once the connection is complete, users can transfer their assets from Binance to CommEX and continue P2P trading with Russian Ruble (RUB) on CommEX.” – Binance announcement
Binance announcement
Binance’s Exit from Russia and Regulatory Compliance
In September, Binance made an announcement stating its exit from Russia and the sale of its business to CommEX. The exchange assured its Russian users a smooth transition to another platform over the course of approximately one year. The decision was influenced by the need to comply with regulatory requirements for leaving Russia. Reports had previously surfaced about a possible investigation by the U.S. Department of Justice regarding Binance’s alleged violation of sanctions against Russia.
Changes in Ruble Deposits and Partnerships
On November 15, Binance ceased accepting deposits in Russian rubles. However, withdrawals will remain possible until January 31, 2024. Additionally, on November 20, the exchange removed ruble pairs associated with major cryptocurrencies. Furthermore, Binance ended its partnership with the Advcash payment system due to reports suggesting that clients were using this gateway to transfer funds from sanctioned banks in Russia.
Hot Take: Binance Adjusts Operations in Response to Regulatory Challenges
Binance’s decision to discontinue P2P trading involving the Russian ruble reflects its ongoing efforts to navigate regulatory challenges. By exiting Russia and partnering with CommEX, the exchange aims to ensure compliance while still providing options for its Russian users. These adjustments, including the suspension of ruble deposits and the termination of partnerships, are part of Binance’s strategy to address potential regulatory concerns and maintain a strong position in the cryptocurrency market.
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