Binance Halts Russian Ruble Trading: Transition Details and Regulatory Compliance

Starting from January 31, 2024, at 00:00 UTC, Binance’s peer-to-peer (P2P) platform will no longer support trading pairs involving the Russian ruble.

As per their statement, users can still withdraw funds in Russian rubles using Binance’s fiat partners, convert them into cryptocurrencies using Binance Convert, or engage in exchanges on the spot market. Additionally, users can place Russian ruble orders on CommEX, the entity that now manages Binance’s Russian business.

In September, Binance declared its departure from Russia, transferring its operations to CommEX. They assured Russian users of a systematic shift to another platform, estimating the transition period to last about a year. Binance attributed this move to compliance obligations following their exit from Russia, potentially linked to reports of a U.S. Department of Justice investigation into Binance for potential sanctions violation concerning Russia.

Binance halted Russian ruble deposits on November 15 and will continue facilitating withdrawals until January 31, 2024. By November 20, they had already removed ruble pairs involving major cryptocurrencies.

Moreover, Binance terminated its partnership with the Advcash payment system. Speculations suggest this move was triggered by clients using this gateway to transfer funds from sanctioned banks in the Russian Federation.


Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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