Cryptocurrency exchange Binance is advancing its exit from Russia and has announced plans to cease accepting deposits in Russian rubles (RUB) starting from November 15, 2023. This decision was officially communicated by the firm on Friday. In addition to halting RUB deposits, Binance is also advising users to withdraw any RUB holdings from the platform as it anticipates discontinuing RUB withdrawals by January 31, 2024.
In its announcement, Binance informed users that they could transfer their funds to CommEX, a new cryptocurrency exchange that acquired Binance’s Russian division in September 2023. Notably, Binance highlighted that withdrawals in RUB on CommEX will not incur any fees.
For other withdrawal options, Binance has pointed to its fiat partners. These partners enable users to convert their RUB into cryptocurrency using the “Convert” tool on the Binance platform or to engage in transactions on the Binance Spot Market.
However, Binance did not provide specific details regarding the fees for these alternative withdrawal methods. The firm also did not immediately respond to a request for comment from Cointelegraph regarding this matter.
The background of this development dates back to late September 2023, when Binance announced its complete withdrawal from the Russian market through the sale of its operations to CommEX, a newly established crypto exchange business. The nature and terms of this transaction, including the size of the deal and the identities of CommEX’s founders, have not been extensively disclosed, leading to controversy and speculation in the cryptocurrency community.
Many observers have speculated that CommEX might be a rebranded version of Binance, possibly serving as a way for the exchange to continue its operations in Russia without conflicting with Western sanctions imposed on the country. Supporting this speculation, evidence was noted, including the hiring of key former Russia-related executives from Binance by CommEX.
Despite these allegations, Binance has consistently denied any ongoing ties with CommEX. A spokesperson for Binance stated, “With this sale, Binance fully exits Russia. We have no plans to get back,” reaffirming the company’s stance on its complete withdrawal from the Russian market.
Get $200 Free Bitcoins every hour! No Deposit No Credit Card required. Sign Up