Binance, a major player in the cryptocurrency
market, is bidding farewell to the Russian market. Part of this exit strategy and sale to CommEX includes plans to discontinue all services related to the Russian ruble (RUB) by early February 2024.
This decision holds significant implications for
users with RUB assets on the platform and has prompted Binance to provide clear
guidelines for navigating this transition.
On January 30, 2024, Binance’s spot trading services
will delist all existing RUB spot trading pairs, including popular ones like
BTC/RUB and USDT/RUB. Any open spot orders tied to these pairs will be
automatically closed. Additionally, Binance Convert and Binance Pay will
delist all RUB trading pairs and exclude RUB from the list of supported fiat
currencies, effective January 30, 2024.
For users looking to directly withdraw RUB, Binance
Fiat will support these withdrawals until January 31, 2024, at 00:00 UTC.
According to the crypto exchange , users must use this chance to
secure their funds. Lastly, Binance’s P2P trading will delist all RUB
trading pairs on January 31, 2024, at 00:00 UTC. This marks the conclusion of
RUB-related trading activities on the platform.
Binance Faces Global Regulatory Pressure
Last year, Binance P2P announced the discontinuation of RUB trading pairs, including USDT/RUB, FDUSD/RUB, BNB/RUB,
ETH/RUB, BUSD/RUB, RUB/RUB, and BTC/RUB, effective from January 31, 2024, 00:00
(UTC). According to a report by Finance Magnates, this decision followed Binance’s sale of its Russian
operations.
Following this step, Binance provided alternative options for
users, including withdrawing RUB through Binance’s fiat partners
before the deadline. The other options include converting RUB into crypto using Binance Convert or trading the currency for crypto on the Binance Spot market.
Previous reports revealed that Binance’s P2P trading
platform allowed transactions through sanctioned banks like Tinkoff Bank and
Rosbank. However, Binance promptly ceased support for these banks amid strict financial
sanctions on Russia.
Binance, a major player in the cryptocurrency
market, is bidding farewell to the Russian market. Part of this exit strategy and sale to CommEX includes plans to discontinue all services related to the Russian ruble (RUB) by early February 2024.
This decision holds significant implications for
users with RUB assets on the platform and has prompted Binance to provide clear
guidelines for navigating this transition.
On January 30, 2024, Binance’s spot trading services
will delist all existing RUB spot trading pairs, including popular ones like
BTC/RUB and USDT/RUB. Any open spot orders tied to these pairs will be
automatically closed. Additionally, Binance Convert and Binance Pay will
delist all RUB trading pairs and exclude RUB from the list of supported fiat
currencies, effective January 30, 2024.
For users looking to directly withdraw RUB, Binance
Fiat will support these withdrawals until January 31, 2024, at 00:00 UTC.
According to the crypto exchange , users must use this chance to
secure their funds. Lastly, Binance’s P2P trading will delist all RUB
trading pairs on January 31, 2024, at 00:00 UTC. This marks the conclusion of
RUB-related trading activities on the platform.
Binance Faces Global Regulatory Pressure
Last year, Binance P2P announced the discontinuation of RUB trading pairs, including USDT/RUB, FDUSD/RUB, BNB/RUB,
ETH/RUB, BUSD/RUB, RUB/RUB, and BTC/RUB, effective from January 31, 2024, 00:00
(UTC). According to a report by Finance Magnates, this decision followed Binance’s sale of its Russian
operations.
Following this step, Binance provided alternative options for
users, including withdrawing RUB through Binance’s fiat partners
before the deadline. The other options include converting RUB into crypto using Binance Convert or trading the currency for crypto on the Binance Spot market.
Previous reports revealed that Binance’s P2P trading
platform allowed transactions through sanctioned banks like Tinkoff Bank and
Rosbank. However, Binance promptly ceased support for these banks amid strict financial
sanctions on Russia.
