February 22, 2024

Binance to terminate Russian ruble deposits next week

Cryptocurrency exchange Binance is progressing with its exit from Russia and is preparing to terminate local currency deposits next week.

Binance will stop accepting deposits in Russian rubles starting Nov. 15, 2023, the firm officially announced on Friday. Binance also advised users to withdraw RUB from the platform, as it expects to terminate RUB withdrawals on Jan. 31, 2024.

The announcement notes that Binance users can transfer their funds to CommEX, a new crypto exchange business that acquired Binance’s Russian division in September 2023. Binance noted that RUB withdrawals on CommEX will be zero-fee.

Other withdrawal options include Binance’s fiat partners, which will allow users to convert RUB to cryptocurrency using the “Convert” tool or just exchange on the Binance Spot Market.

Withdrawal of rubles through fiat partners takes a fee of up to 1%, a spokesperson for Binance told Cointelegraph.

Binance announced its full exit from Russia through the sale of its firm to a newly launched crypto exchange business known as CommEX in late September 2023. The transaction quickly sparked controversy, as Binance and CommEX have not provided much information about the size of the deal or the founders of CommEX.

Related: Turkish lira becomes top crypto trading pair on Binance in Sept. 2023

Many crypto observers have speculated that CommEX was just a new name for Binance, giving it a means for the exchange to continue operations in Russia without having issues with Western sanctions against the country. The skeptics have found significant evidence for such claims, including CommEX hiring prominent former Russia-related executives from Binance.

Binance continued to deny the allegations of possible ties between the platform and CommEX, though. “With this sale, Binance fully exits Russia. We have no plans to get back,” a spokesperson for Binance told Cointelegraph.

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