Binance Ceases Russian Ruble Operations Following CommEX Sale
Binance, one of the world’s leading cryptocurrency exchanges, has announced its decision to exit the Russian market and sell its operations to CommEX. This strategic move is set to reshape the landscape of the cryptocurrency industry in Russia, and it comes with some significant changes for Binance users dealing with Russian rubles (RUB).
As of November 15, 2023, at 00:00 (UTC), Binance will no longer accept deposits in Russian rubles. However, users will still be able to withdraw their Russian rubles from the platform until January 31, 2024, at 00:00 (UTC). This gives users a window of opportunity to manage their funds and make necessary arrangements for the transition.
One of the notable aspects of this transition is the facilitation of a seamless transfer of funds for users holding fiat balances in Russian rubles. Binance users are encouraged to transfer their Russian rubles to the CommEX platform, and what’s more, this transfer will be executed without any fees. This move is aimed at ensuring a smooth transition for users and maintaining a positive user experience throughout the process.
To initiate the fund transfer, users are required to register for a CommEX account or log into their existing CommEX account. The next step involves connecting the CommEX account to the corresponding Binance account. Once this connection is established, users can effortlessly transfer their Russian rubles from Binance to CommEX.
Alternatively, users may opt to withdraw their Russian rubles via Binance’s fiat partners before the January 31, 2024 deadline. Additionally, Binance offers the option to convert Russian rubles into cryptocurrency using the Binance Convert feature or trade Russian rubles for cryptocurrencies on the Binance Spot market.
It’s crucial for users to be aware of the timelines involved and take the necessary steps within the specified deadlines to avoid any disruptions in their financial activities related to Russian rubles on the Binance platform.
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