News: Binance suspends Russian Ruble on P2P platform
The cryptocurrency exchange Binance has announced that it will permanently discontinue support for the Russian ruble on its P2P platform. Starting from January 31, 2024, users will no longer be able to trade pairs with the Russian ruble on Binance’s P2P platform. However, users can withdraw funds denominated in Russian rubles through the exchange’s fiat partners and convert them into cryptocurrency using Binance Convert or trade them directly on the spot market. Users are also allowed to place orders denominated in Russian rubles on the CommEX platform, which manages Binance’s Russian activities.
Exved launches cross-border payment service based on USDT
Exved, a digital exchange based in Russia, has received regulatory approval to launch a cross-border payment service. This service allows Russian companies to conduct international transactions using Tether’s USDT stablecoin. It marks a significant integration between the traditional financial world and the cryptocurrency environment. Through an electronic B2B system, Exved offers Russian importers and exporters the opportunity to manage offshore orders smoothly. The innovation lies in the support provided to Tether’s USDT stablecoin, offering Russian companies a reliable cryptocurrency option for international payments. Exved’s initiative facilitates global operations for Russian companies by combining cryptocurrencies with the traditional financial landscape.
Hot Take: Russia’s evolving crypto landscape
Russia’s crypto landscape is undergoing significant changes with recent developments involving Binance and Exved. Binance’s decision to permanently suspend support for the Russian ruble on its P2P platform reflects its efforts to comply with regulatory requirements and rumors of possible violations of sanctions against Russia. On the other hand, Exved has obtained regulatory approval to offer a cross-border payment service using Tether’s USDT stablecoin, bridging the gap between traditional finance and cryptocurrencies. These developments highlight the increasing integration of cryptocurrencies into the global financial system and the evolving regulatory landscape in Russia. As the crypto industry continues to evolve, it is crucial for businesses and users to stay informed about the latest developments and adapt accordingly.
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