Binance, a leading cryptocurrency exchange, has officially declared the permanent suspension of the Russian ruble on its peer-to-peer (P2P) trading platform. In a recent statement, Binance outlined alternative options for users to manage their funds in this currency. Users are encouraged to withdraw their funds in rubles through the exchange’s fiat partners, convert them into cryptocurrency using Binance Convert, or trade them on the spot market.
The statement further details that users interested in ruble trading can now place orders on CommEX, the entity that owns Binance’s Russian business. To engage in P2P trading through CommEX, users must register for or log into a CommEX account and link it to their corresponding Binance account. Once the connection is established, users can seamlessly transfer their assets from Binance to CommEX and continue P2P trading with the Russian ruble (RUB) on the CommEX platform.
This development follows Binance’s exit from the Russian market in September, with the sale of its business to CommEX. The exchange assured its Russian user base of a systematic transition to an alternative platform, estimating the process to take approximately a year. The decision to exit Russia was attributed to the necessity of complying with regulatory requirements. Earlier reports had indicated that the U.S. Department of Justice (DoJ) was investigating Binance for potential violations of sanctions against Russia.
As part of the transition, Binance ceased accepting deposits in Russian rubles on November 15, with withdrawals permitted until January 31, 2024. On November 20, the exchange removed ruble pairs with major cryptocurrencies. Additionally, Binance terminated its partnership with the Advcash payment system, reportedly due to concerns about clients transferring funds from sanctioned banks in the Russian Federation through this gateway.
