Binance, one of the leading cryptocurrency exchanges, has announced that it will permanently suspend trading pairs with the Russian ruble on its P2P (peer-to-peer) platform starting from January 31, 2024. However, users will still have several options to manage their funds in this currency. They can withdraw their funds through Binance’s fiat partners, convert them into cryptocurrency using Binance Convert, or trade them on the spot market. Additionally, users can place orders with the Russian ruble on CommEX, the platform that acquired Binance’s Russian business.
This move comes after Binance’s decision to exit the Russian market and sell its business to CommEX in September. The exchange had promised its Russian users a systematic transition to another platform, which is expected to take approximately a year. Binance cited regulatory requirements as the reason for its exit, and there were reports of a possible investigation by the U.S. Department of Justice for potential violations of sanctions against Russia.
In preparation for the permanent suspension of ruble trading, Binance had already stopped accepting deposits in Russian rubles on November 15. However, withdrawals will continue to be available until January 31, 2024. Furthermore, Binance ended its partnership with the Advcash payment system, which was allegedly being used by clients to transfer funds from sanctioned banks in Russia.
Overall, these developments indicate Binance’s ongoing efforts to comply with regulatory requirements and navigate the complex dynamics of global cryptocurrency markets.