Binance Advances Exit from Russia; Commences Halting Ruble Deposits
Summary:
Binance, a major cryptocurrency exchange, is proceeding with its plans to leave Russia, halting Russian ruble deposits starting November 15, 2023. The company suggests users withdraw their rubles as it will stop withdrawals on January 31, 2024. Users can move funds to CommEX, the new crypto exchange that bought Binance's Russian arm in September 2023. The complete exit from Russia has sparked controversy due to its opaque nature and subsequent connection theories with CommEX. Binance has refuted these claims.
Binance, a leading cryptocurrency exchange, is pressing ahead with its departure from Russia, with plans to halt local currency deposits by the coming week. Starting from November 15, 2023, the exchange will cease to accept deposits in Russian rubles (RUB), according to an official statement made by the company on Friday. It has also advised its users to remove their RUB from its platform as it anticipates ending RUB withdrawals by January 31, 2024.
The statement also indicates that Binance users can move their funds to CommEX, a burgeoning crypto exchange start-up that bought Binance's Russian operations in September 2023. Binance highlighted that there will be no charge for RUB withdrawals on CommEX. Other ways of withdrawal are via Binance's fiat partners, enabling users to exchange their RUB to cryptocurrency using the Convert tool or simple trading on the Binance Spot Market.
The company, however, did not reveal the corresponding charges for these alternative withdrawal methods and did not instantly return Cointelegraph's request for a comment.
In late September 2023, Binance made public its complete withdrawal from Russia by selling the company to the newly-established crypto exchange entity, CommEX. The deal soon instigated controversy as there was minimal information available about the transaction size or the CommEX founders.
Many crypto-watchers inferred CommEX to be a rebranded Binance, providing the exchange a loophole to keep its Russian operations going without the hindrance of Western sanctions imposed on the country. Critics cite compelling evidence supporting their allegations, including CommEX's hiring of key former Binance executives linked to Russia.
Binance, however, refuted these claims of any potential link with CommEX. A Binance spokesperson assured Cointelegraph, "With this sale, Binance fully exits Russia. We have no plans to get back.
Published At
11/10/2023 10:03:50 AM
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