Binance has officially announced its impending withdrawal from the Russian market. As part of this exit strategy, Binance will cease accepting deposits in Russian rubles (RUB) starting from November 15, 2023.
Binance Sets Timeline for RUB Withdrawal
Users are encouraged to withdraw their RUB holdings from the platform, as Binance intends to halt RUB withdrawals on January 31, 2024. Binance users have the option to transfer their funds to CommEX. Users choosing this path will get zero-fee RUB withdrawals on CommEX.
Binance is offering other withdrawal alternatives. Users can leverage Binance's fiat partners to convert their RUB holdings into cryptocurrencies using the "Convert" tool or exchange them on the Binance Spot Market. However, it's important to note that withdrawals via fiat partners may be subject to a fee of up to 1%, as confirmed by a Binance spokesperson.
Finance Magnates reported earlier that Binance had confirmed its full withdrawal from the Russian market. The exchange has undertaken an agreement to transfer its entire business operations in Russia to CommEX. The announcement of this exit was made by Binance on September 27. In an official statement, Binance reassured its users: "All assets of existing Russian users are safe and securely protected."
Binance's Chief Compliance Officer, Noah Perlman, provided insight behind this exit when he stated: "As we look toward the future, we recognize that operating in Russia is not compatible with Binance's compliance strategy."
Earlier reports revealed that Binance permitted Russian users to purchase cryptocurrencies through its peer-to-peer trading platform using six sanctioned banks, including Tinkoff Bank and Rosbank. In response to allegations, Binance discontinued support for these sanctioned banks, acknowledging it as a "gap" in its service.
Cryptocurrency exchange Binance stops servicing deposits in rubles, users can withdraw their assets until January 31, 2024 - the company's statement. pic.twitter.com/YuGyOAREJZ
— NEXTA (@nexta_tv) November 10, 2023
Speculation Surrounding CommEX
There has been speculation in the crypto community regarding CommEX's relationship with Binance, with some suggesting that it might be a new name for Binance itself. These speculations arise from CommEX hiring prominent former Russia-related executives from Binance. However, Binance has consistently denied any connections between the two entities.
A spokesperson for Binance emphasized to exit the Russian market entirely: "With this sale, Binance fully exits Russia. We have no plans to get back."
This article was written by Tareq Sikder at www.financemagnates.com.
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