In a significant development, cryptocurrency exchange Binance is making strides in its withdrawal from the Russian market, with plans to cease accepting deposits in Russian rubles (RUB) as of November 15, 2023. This move comes as part of Binance’s exit strategy from Russia, which commenced selling its Russian branch to a newly launched crypto exchange, CommEX, in September 2023. Despite initial scepticism regarding the sale’s motives and Binance’s future involvement in the Russian crypto sphere, the exchange is adamant about its complete withdrawal from the region.
Withdrawals Allowed Until January 31, 2024
Binance’s official announcement assures users that they will have ample time to manage their ruble holdings, as withdrawals in Russian rubles will remain available until January 31, 2024. The exchange encourages users with a fiat balance in Russian rubles to explore multiple withdrawal options. One such option involves transferring their funds to CommEX, the cryptocurrency exchange that acquired Binance’s Russian division.
No Fees for CommEX Transfers
Transferring funds to CommEX comes with a distinct advantage—zero fees. This means Binance users can seamlessly move their Russian rubles to CommEX without incurring additional costs, a welcome relief for those transitioning their assets. To facilitate this process, users can either register for a CommEX account or, if they already have one, link it to their existing Binance account.
Alternative Withdrawal Methods
In addition to CommEX, Binance offers alternative withdrawal methods for Russian rubles. Users can withdraw funds via Binance’s fiat partners, where they can convert Russian rubles into cryptocurrencies using the “Convert” tool. Alternatively, they can exchange their rubles for cryptocurrencies on the Binance Spot Market. However, it’s worth noting that withdrawing rubles through Binance’s fiat partners may incur a fee of up to 1%.
A Closer Look at the Sale to CommEX
#CommEX now supports #RUB deposits/withdrawals via bank cards, making trading more accessible.
Plus, introducing the USDT/RUB pair for seamless trading! 💰💳
The sale of Binance’s Russian branch to CommEX has been surrounded by speculation and controversy. Critics have suggested that CommEX may merely be a rebranded version of Binance, serving as a means for the exchange to continue its Russian operations without facing issues related to Western sanctions against Russia. These suspicions were further fueled by CommEX’s recruitment of prominent former executives from Binance’s Russian division.
However, Binance has consistently denied any connections between the platform and CommEX. A spokesperson for Binance reiterated that with this sale, the exchange fully exits the Russian market and has no intentions of returning. Despite the withdrawal, Binance has reassured its Russian users that their funds remain entirely secure.
Navigating Regulatory Challenges
Binance’s decision to exit the Russian market aligns with its commitment to compliance and regulation. The exchange has faced a series of regulatory challenges, including allegations of maintaining ties with blacklisted Russian banks despite Western sanctions. By parting ways with its Russian branch and focusing on its global compliance strategy, Binance aims to navigate the ever-evolving regulatory landscape successfully.
In conclusion, Binance’s exit from the Russian market marks a significant development in cryptocurrency exchanges. As the exchange ends ruble deposits, it remains steadfast in its commitment to compliance and its vision for the future of crypto trading.
