Binance to suspend Russian ruble trading on its P2P platform from January 31, 2024
Posted: December 11, 2023 8:29 AM Updated: December 11, 2023 8:29 AM
Correction and fact check date: December 11, 2023, 8:29 AM
briefly
Binance will stop supporting the Russian ruble on its P2P platform starting January 31, 2024 and redirect users to CommEX.
Cryptocurrency exchange Binance announced that it will permanently discontinue trading pairs with the Russian ruble on its peer-to-peer (P2P) platform from 00:00 UTC on January 31, 2024. This decision marks a significant change in the operations of exchanges related to Russian currency.
For users holding ruble funds, Binance outlined various withdrawal options, including using the exchange’s fiat partner, converting rubles to cryptocurrency on Binance Convert, and trading in the spot market. Additionally, users interested in continuing to trade rubles can now switch to CommEX, which handles Binance’s Russian operations.
Switch to CommEX for peer-to-peer Russian ruble trading
Binance has provided a simple process for this transition. Users must register or log in to a CommEX account and link it to their existing Binance account. Once the connection is established, assets can be transferred from Binance to CommEX, allowing users to resume peer-to-peer trading using Russian rubles on the new platform.
The move comes after Binance announced in September that it would withdraw from Russia and subsequently sell its operations there to CommEX. The exchange is actively guiding Russian users through a systematic transition to another platform, a process that is expected to take about a year.
📢 Binance shook up the cryptocurrency world! 🚀 We will be saying goodbye to Russian Ruble (RUB) P2P trading pairs, including Bitcoin and Ethereum, by the end of January. 🇷🇺 What’s next for the cryptocurrency giant amid regulatory challenges?🚀nic #Binance #Bitcoin #Ethereum #Cryptocurrency News pic.twitter.com/ozq45onjuV
— Collin Brown (@CollinBrownXRP) December 11, 2023
Binance’s decision to leave Russia and suspend ruble trading is consistent with its need to comply with regulatory requirements amid a reported U.S. Department of Justice investigation into possible violations of sanctions against Russia.
In addition to suspending ruble trading pairs, Binance also stopped accepting deposits in Russian rubles on November 15, with withdrawal services continuing until the January 2024 deadline. Additionally, on November 20, the exchange removed trading pairs involving the ruble and major cryptocurrencies.
The platform also ended its partnership with Advcash payment system. This decision appears to be related to concerns that customers are using this gateway to transfer funds from authorized Russian banks, and highlights Binance’s efforts to comply with international regulatory standards.
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Nik is an experienced analyst and writer at Metaverse Post, specializing in providing cutting-edge insights into the rapidly changing world of technology, with a particular focus on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a wide range of audiences, helping them stay ahead of technological advancements. With a Master’s degree in Economics and Management, Nik understands the nuances of the business world and their intersection with new technologies.
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Nick Asti
Nik is an experienced analyst and writer at Metaverse Post, specializing in providing cutting-edge insights into the rapidly changing world of technology, with a particular focus on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a wide range of audiences, helping them stay ahead of technological advancements. With a Master’s degree in Economics and Management, Nik understands the nuances of the business world and their intersection with new technologies.
more articles