Binance to terminate Russian ruble deposits next week
Binance Russia users will have slightly more than two months to withdraw their rubles from the exchange or until Jan. 31, 2024.
Cryptocurrency exchange Binance is progressing with its exit from Russia and is preparing to terminate local currency deposits next week.
Binance will stop accepting deposits in Russian rubles (RUB) starting Nov. 15, 2023, the firm officially announced on Friday. Binance also advised users to withdraw RUB from the platform as it expects to terminate RUB withdrawals on Jan. 31, 2024.
The announcement notes that Binance users can transfer their funds to CommEX, a new crypto exchange business that acquired Binance’s Russian division in September 2023. Binance noted that RUB withdrawals on CommEX will be zero-fee.
Other withdrawal options include Binance’s fiat partners, which will allow users to convert RUB to cryptocurrency using the Convert tool or just exchange on the Binance Spot Market.
Binance didn’t specify the fees for other withdrawal methods. The firm did not immediately respond to Cointelegraph’s request for comment.
Binance announced its full exit from Russia through the sale of its firm to a newly launched crypto exchange business known as CommEX in late September 2023. The transaction quickly sparked controversy as Binance and CommEX have not provided much information about the size of the deal or the founders of CommEX.
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