Binance Terminates Russian Rubles Deposits

Binance terminates RUB deposits and exits Russian market, with users advised to withdraw holdings by January 31, 2024.

Nov 11, 2023 - 20:14
Nov 11, 2023 - 20:14
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Binance Terminates Russian Rubles Deposits
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Binance, one of the world's leading cryptocurrency exchanges, has announced its decision to terminate deposits in Russian rubles (RUB). This move, effective from November 15, 2023, marks a key shift in Binance's operations within Russia. 

The termination of RUB deposits starting November 15, 2023, is a critical aspect of the announcement. Users are advised to withdraw their RUB holdings by January 31, 2024. Binance offers several withdrawal options, including zero-fee withdrawals to CommEX and conversions via Binance’s fiat partners.

The decision to suspend RUB deposits is part of a larger strategic exit from the Russian market. In late September 2023, Binance sold its Russian operations to CommEX, a move that is still considered suspicious due to the lack of transparency regarding the deal's size and the founders of CommEX.

Numerous analysts in the cryptocurrency sector have theorized that CommEX might essentially be a rebranded version of Binance. This perspective suggests that the rebranding could serve as a strategy for Binance to maintain its presence in Russia while circumventing the Western sanctions imposed on the country. This theory is supported by evidence such as CommEX's recruitment of key executives who previously held significant roles in Binance's Russian operations.

However, Binance has consistently refuted these claims of any ongoing connection with CommEX. A representative from Binance emphasized the company's complete withdrawal from the Russian market, stating:

 "With this sale, Binance fully exits Russia. We have no plans to get back."

Philip Bohmer Philip is a seasoned journalist that brings clarity to the complex world of cryptocurrencies through his articulate and insightful articles. His passion for blockchain technology fuels his writing, making him a trusted voice in the rapidly evolving digital currency landscape.