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Binance To Cease Russian Ruble (RUB) Deposits Following Russia Exit Plans

Following Binance's plans to exit Russia, the cryptocurrency exchange is now setting its sights on ceasing RUB deposits.
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Binance To Cease Russian Ruble (RUB) Deposits Following Russia Exit Plans

In a recent turn of events, Binance, the world’s largest cryptocurrency exchange, recently issued a statement updating its users on the Russian ruble (RUB) landscape following its plans to exit Russia.

As per the statement, following the decision to exit Russia, the exchange will stop all RUB deposits while continuing to facilitate withdrawals till a later date.

Earlier this year, Binance announced its plans to exit Russia and off-board Russian users, selling its entire Russian branch to CommEX, another digital asset exchange. The sale of Binance’s Russian branch to CommEX marked a significant shift in the crypto landscape.

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Recent Updates On Binance Orbiting RUB

Binance notified its users today that following the decision to exit Russia with the sale to CommEx, the firm is setting its sights on ceasing RUB deposits as of November 15 at 00:00 UTC. However, the withdrawals revolving around Russian rubles will be available until January 31, 2024.

Furthermore, the exchange clarified that users with fiat balance reserves in Russian rubles are free to transfer their funds to the CommEX platform without being subject to any transaction fees.

Moreover, upon successfully linking the CommEx and Binance accounts, users can freely transfer the RUB on Binance to CommEX. Users may withdraw their Russian rubles through Binance’s fiat partners before the deadline provided by the crypto exchange or transform their RUB into cryptos via Binance Convert. Additionally, users can also trade their Russian rubles for cryptocurrencies on the Binance Spot market.

Also read: Whales Move 150 Mln XRP Amid Price Drop & Ripple’s IPO Speculations

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Binance Exiting Russia

Earlier this year, as reported by Coingape media, Binance announced plans to exit Russia while selling its entire Russian entity to CommEX. According to reports, the aforestated decision comes in alignment with a recent statement by Noah Perlman, Binance’s chief compliance officer.

Noah stated that operating in Russia appears to be incompatible with Binance’s compliance strategy, resulting in the firm’s exit from Russia in September 2023. The Russian users’ off-boarding process is said to take up to one year, although Binance is reassuring its users that their funds are completely safe.

Also read: Global Coalition Of 50 Nations Vows Rapid Adoption Of Crypto Reporting Framework

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
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