Binance, one of the world’s leading cryptocurrency exchanges, has announced it will halt Russian ruble (RUB) deposits, effective Nov. 15, 2023.
According to the announcement, despite the cessation of deposits, withdrawals of Russian rubles will continue to be available until January 31, 2024, ensuring users have ample time to manage their holdings.
Users holding a fiat balance in Russian rubles may transfer their funds to the CommEX platform without fees. More so, users are encouraged to either register for a CommEX account or log into their existing CommEX account and connect it to their corresponding Binance account. Once the connection is established, users may transfer their Russian rubles from Binance to CommEX. In addition, users may withdraw their Russian rubles via Binance’s fiat partners before the stipulated deadline, convert Russian rubles into crypto on Binance Convert, or trade Russian rubles for crypto on the Binance Spot market.
CryptoSlate had reported Binance’s sale of its entire Russian business to the crypto platform CommEX. Notably, this sale was due to compliance reasons, according to Binance’s Chief Compliance Officer, Noah Perlman, who stated that “operating in Russia is not compatible with Binance’s compliance strategy.” CommEX launched on Sept. 26.
Binance CEO Changpeng Zhao previously disclosed that CommEX would not service customers from the European Union or the United States due to a contractual condition tied to the sale of Binance’s Russian business. This decision aligns with the recent regulatory issues Binance has faced, demonstrating the exchange’s commitment to compliance and regulation.
This development follows a series of complexities surrounding Binance’s operations in Russia. As previously reported by CryptoSlate, Binance allegedly maintained ties with blacklisted Russian banks despite Western sanctions. Binance was reportedly processing transactions for at least five Russian lenders blacklisted by Western powers, a move that directly contradicted their public statements on the matter.