Cryptocurrency exchange Binance is exiting Russia and preparing to end local currency deposits next week.
Binance officially announced that it will stop accepting Russian ruble deposits starting November 15, 2023 declare on Friday. Binance also recommends users to withdraw RUB from the platform, and RUB withdrawals are expected to be terminated on January 31, 2024.
The announcement states that Binance users can transfer funds to CommEX, a new cryptocurrency exchange that acquired Binance’s Russian unit in September 2023. Binance notes that there will be zero fees for withdrawing rubles on CommEX.
Other withdrawal options include Binance’s fiat partners, which will allow users to convert rubles to crypto using the Convert tool, or simply exchange on the Binance spot market.
Binance did not specify the fees for other withdrawal methods. The company did not immediately respond to Cointelegraph’s request for comment.
Binance announced a full exit from Russia by selling its company to newly launched cryptocurrency exchange CommEX in late September 2023. The deal quickly became controversial as Binance and CommEX did not provide much information about the size or size of the transaction. Founder of CommEX.
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Many cryptocurrency observers speculate that CommEX is simply a new name for Binance, providing the exchange with a way to continue operating in Russia without running into problems with Western sanctions against the country. Skeptics have found significant evidence to support such claims, including CommEX’s hiring of former Russia-related executives from Binance.
However, Binance continues to deny allegations of possible links between the platform and CommEX. “With this sale, Binance is completely exiting Russia. We have no plans to return,” a Binance spokesperson told Cointelegraph.
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