Binance Ends Bitcoin And Ethereum P2P Trading, But There’s A Catch
The world’s largest crypto exchange Binance on Monday said it will end support for the Russian Ruble (RUB) P2P trading pairs in January-end including Bitcoin and Ethereum. The move comes after Binance entered into an agreement to sell the entirety of its newly established Russia business to CommEx amid rising regulatory pressure.
Binance To Discontinue Russian Ruble (RUB) Support on P2P
According to an official announcement on December 11, Binance revealed ending P2P support for the Russian Ruble (RUB) trading pairs starting from January 31, 2024 at 00:00 (UTC).
Binance will remove P2P trading pairs such as USDT/RUB, BTC/RUB, FDUSD/RUB, BNB/RUB, ETH/RUB, BUSD/RUB and RUB/RUB. This is part of its exit from Russia and selling the business to CommEX. However, the off-boarding process will take up to one year.
Users can continue P2P trading with Russian Ruble (RUB) free of charge on CommEX. Also, users may withdraw their Russian rubles through Binance’s fiat partners before the deadline provided by the crypto exchange or convert their RUB into crypto via Binance Convert. This can be done after connecting Binance account after registering on CommEX.
In November, Binance started removing major crypto in RUB pairs such as ETH, BNB, XRP, ADA, SOL, MATIC, LTC, DOT, and BUSD. In addition, the exchange removes ALGO/RUB, ARB/RUB, ARKM/RUB, ARPA/RUB, NEAR/RUB, and WLD/RUB pairs.
Also Read: Crypto Market Selloff — Here’s Why BTC, ETH, XRP Prices Fell Sharply Today
Binance announced its exit from Russia amid regulatory challenges and a U.S. DOJ investigation into money laundering and sanction violations. Changpeng Zhao stepped down from the CEO position after Binance’s $4.3 billion settlement with the U.S. authorities.
Binance’s new CEO Richard Teng revealed a comprehensive plan, maintaining Binance’s dominance in the crypto market and core values. He plans to commit the next few weeks to interviews, events, AMA sessions, and more.
Also Read: XRP Lawyer & Dogecoin Founder Slam Wikipedia’s Jimmy Wales Over Bitcoin Comment
- Flare Network Surpasses $43M in Bridged XRP, Expert Predicts Breakout to New ATH
- Bitcoin, Ethereum Drag Broader Crypto Market Lower Ahead of FED Powell Speech
- Breaking: Ripple Partners With Bahrain’s Fintech Bay in Push for RLUSD Adoption
- XRP News: Why Whales Sold 440M Coins in a Month Despite ETF Launch Buzz
- Just In: DeFi Dev Corp Launches Japan’s First Solana Treasury Company, SOL Price Reacts
- Solana Price Prediction as SOL DAT Company Plans 5% Supply Acquisition—Analyst Targets $1,300 Breakout
- Bitcoin Price Prediction as US Govt. Shutdown Extends- What’s Next for BTC?
- Solana Price Megaphone Points to a Parabolic Move as SOL Treasuries Near $3B
- XRP Price Prediction Amid ETF Approval Roadblock as Analyst Warns of $2.72 Dip
- Binance Coin Price Prediction If It Surpasses Bitcoin Marketcap— Is $3000 Possible in 2025?
- ASTER vs HYPE Price Analysis – Which Perp DEX Token Looks Poised to Dominate Q4 Performance?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
