Binance recently issued a statement updating its users on the outlook for the Russian ruble (RUB) following its plans to exit Russia. According to the statement, the exchange will stop all RUB deposits, but exchange users will be able to withdraw if they have Russian money in their accounts.
Earlier this year, Binance announced its plans to exit Russia and withdraw access to users in the country. As a result, the exchange sold its Russian branch to CommEX, another cryptocurrency exchange. The sale of Binance’s Russian branch to CommEX marked a significant change in the market.
However, the decision has to do with the sanctions applied by the West against Russia after the invasion of Ukraine. Binance, aiming to comply with the regulations of European countries and the United States, opted to exit.
Removal of ruble deposits
Binance notified its users this Friday (10) about the end of ruble deposits. From November 14th at 9pm, no one will be able to deposit rubles anymore. However, Russian currency withdrawals will be available until January 31, 2024.
Furthermore, the exchange clarified that users with balance reserves in Russian rubles are free to transfer their funds to CommEX without being subject to any transaction fees. After successfully linking CommEx and Binance accounts, users can freely transfer their RUB.
Users can withdraw their rubles through Binance’s fiat partners before the deadline provided by the cryptocurrency exchange, or transform them into cryptocurrencies through the Binance Convert service. Finally, users can also use their rubles to buy cryptocurrencies and withdraw them.
Binance bids farewell to Russia!
Earlier this year, as reported by CriptoFácil, Binance announced plans to exit Russia while selling its entire operation in the country to CommEX. According to reports, the aforementioned decision is in line with a recent statement from Noah Perlman, chief compliance officer at Binance.
Perlman stated that operating in Russia is incompatible with Binance’s compliance strategy, resulting in the company’s exit from Russia in September 2023. The process of shutting down Russian users, however, could take up to a year. Even so, Binance assures its users that their funds are completely safe.