Binance Withdraws Ruble Pairs
Binance, the world’s largest cryptocurrency exchange, is discontinuing support for several P2P trading pairs with the Russian ruble. This includes BTC/RUB and ETH/RUB, starting from January 31, 2024. The decision follows Binance’s exit from the Russian market.
Transition Options for Users
Russian users have a few options for continuing ruble trading. They can switch to CommEX, a crypto platform that offers P2P trading with the ruble. Alternatively, they can withdraw or convert their rubles using Binance’s services before the deadline.
New Listings and Margin Trading
Binance has introduced new tokens and trading pairs to its Margin Trading program. This allows users to engage in leveraged trades with higher profit potential but also increased risk.
Binance to Exit Russia
Binance has announced that it will no longer support certain P2P trading pairs involving the Russian ruble. These pairs include BTC/RUB, ETH/RUB, USDT/RUB, BNB/RUB, FDUSD/RUB, BUSD/RUB, and RUB/RUB. The changes will take effect on January 31, 2024. Binance’s decision comes after selling its local business in Russia to CommEX.
“Therefore, users can continue P2P trading with Russian ruble (RUB) free of charge on the CommEX platform,” the exchange explained.
Users who wish to continue trading with the ruble can register with a CommEX account and connect it to their Binance account. Alternatively, they can withdraw their rubles through Binance’s fiat partners, convert them into digital assets, or trade them for crypto on the Binance Spot market.
Binance’s Latest Listing
In addition to discontinuing certain trading pairs, Binance has expanded its offerings with new tokens. It recently added PIVX (PIVX) as a borrowable digital asset on Cross Margin and Isolated Margin. It also included ADA/FDUSD and DOGE/FDUSD, among other trading pairs, in its Isolated Margin program.
Binance’s Margin Trading allows eligible clients to access funds from the exchange for leveraged trades. This enables traders to deal with larger sums and adjust their positions accordingly. However, it’s important to note that margin trading can lead to greater profits or losses depending on market movements.
Hot Take: Binance Adjusts Trading Options
Binance is making changes to its trading options by withdrawing support for certain ruble trading pairs and expanding its token listings and margin trading offerings. Users in Russia have the option to switch to CommEX or utilize Binance’s services for withdrawing or converting rubles before the deadline. The move aligns with Binance’s decision to exit the Russian market. These adjustments aim to provide users with alternative platforms for ruble trading and increased opportunities for leveraged trades. While this may inconvenience some users, it reflects Binance’s strategic decisions in response to market dynamics.
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