Binance has officially announced its imminent withdrawal from the Russian market. As part of this exit strategy, Binance will stop accepting deposits in Russian Rubles (RUB) starting November 15, 2023.
Users are encouraged to withdraw their RUB holdings from the platform, as Binance intends to halt RUB withdrawals on January 31, 2024. Binance users have the option to transfer their funds to CommEX. Users who choose this path will receive withdrawals in Russian rubles without fees on CommEX.
Binance offers other withdrawal alternatives. Users can leverage Binance fiat partners to convert their RUB holdings into cryptocurrencies using the “Convert” tool or exchange them on the Binance Spot Market. However, it is important to note that withdrawals via legal partners may be subject to fees of up to 1%, as confirmed by a Binance spokesperson.
Finance Magnates previously reported that Binance confirmed its complete withdrawal from the Russian market. The exchange has entered into an agreement to transfer its entire trading operations in Russia to CommEX. This exit was announced by Binance on September 27. In an official statement, Binance reassured its users, saying: “All assets of existing Russian users are safe and securely protected.”
Noah Perlman, Chief Compliance Officer at Binance, provided insight behind this exit. “As we look to the future, we recognize that operating in Russia is not consistent with Binance’s compliance strategy,” Perlman said.
Previous reports revealed that Binance allowed Russian users to buy cryptocurrencies through its peer-to-peer trading platform using six sanctioned banks, including Tinkoff Bank and Rosbank. In response to these allegations, Binance stopped supporting these sanctioned banks, acknowledging that they represented a “hole” in its service.
Cryptocurrency exchange Binance has stopped serving deposits in rubles, and users can withdraw their assets until January 31, 2024 – company statement. pic.twitter.com/YuGyOAREJZ
– Nexta (@nexta_tv) November 10, 2023
Speculation surrounding CommEX
There has been speculation in the cryptocurrency community regarding CommEX’s relationship with Binance, with some suggesting that it may be a new name for Binance itself. This speculation arises from the hiring of former prominent Russia-linked executives from Binance by CommEX. However, Binance has consistently denied any connections between the two entities.
A Binance spokesperson confirmed the exit from the Russian market entirely, saying: “With this sale, Binance is exiting Russia entirely. We have no plans to return.”
Binance has officially announced its imminent withdrawal from the Russian market. As part of this exit strategy, Binance will stop accepting deposits in Russian Rubles (RUB) starting November 15, 2023.
Users are encouraged to withdraw their RUB holdings from the platform, as Binance intends to halt RUB withdrawals on January 31, 2024. Binance users have the option to transfer their funds to CommEX. Users who choose this path will receive withdrawals in Russian rubles without fees on CommEX.
Binance offers other withdrawal alternatives. Users can leverage Binance fiat partners to convert their RUB holdings into cryptocurrencies using the “Convert” tool or exchange them on the Binance Spot Market. However, it is important to note that withdrawals via legal partners may be subject to fees of up to 1%, as confirmed by a Binance spokesperson.
Finance Magnates previously reported that Binance confirmed its complete withdrawal from the Russian market. The exchange has entered into an agreement to transfer its entire trading operations in Russia to CommEX. This exit was announced by Binance on September 27. In an official statement, Binance reassured its users, saying: “All assets of existing Russian users are safe and securely protected.”
Noah Perlman, Chief Compliance Officer at Binance, provided insight behind this exit. “As we look to the future, we recognize that operating in Russia is not consistent with Binance’s compliance strategy,” Perlman said.
Previous reports revealed that Binance allowed Russian users to buy cryptocurrencies through its peer-to-peer trading platform using six sanctioned banks, including Tinkoff Bank and Rosbank. In response to these allegations, Binance stopped supporting these sanctioned banks, acknowledging that they represented a “hole” in its service.
Cryptocurrency exchange Binance has stopped serving deposits in rubles, and users can withdraw their assets until January 31, 2024 – company statement. pic.twitter.com/YuGyOAREJZ
– Nexta (@nexta_tv) November 10, 2023
Speculation surrounding CommEX
There has been speculation in the cryptocurrency community regarding CommEX’s relationship with Binance, with some suggesting that it may be a new name for Binance itself. This speculation arises from the hiring of former prominent Russia-linked executives from Binance by CommEX. However, Binance has consistently denied any connections between the two entities.
A Binance spokesperson confirmed the exit from the Russian market entirely, saying: “With this sale, Binance is exiting Russia entirely. We have no plans to return.”