New Step Taken in the Binance Russia Exit Plan

Crypto News – As a result of its intentions to leave Russia, Binance, the biggest cryptocurrency exchange in the world, recently updated its users on the situation of the Russian ruble (RUB).

New Step Taken in the Binance Russia Exit Plan

The exchange will cease accepting RUB deposits after the decision to leave Russia, but will still allow withdrawals until a later time, according to the statement. Binance sold its whole Russian branch to another digital asset exchange, CommEX, earlier this year as part of its plans to leave Russia and offboard Russian consumers. A major change in the cryptocurrency market was brought about by the sale of Binance’s Russian business to CommEX.

About the Use of Russian Rubles on Binance

As of November 15 at 00:00 UTC, Binance plans to stop accepting RUB deposits. The company made this announcement today to its users after the decision to quit Russia with the sale to CommEx. However, until January 31, 2024, withdrawals related to Russian rubles will be accepted.

The exchange also made clear that there are no transaction costs associated with users transferring their funds to the CommEX platform if they have fiat balance reserves in Russian rubles. Additionally, customers can easily move RUB from Binance to CommEX after properly connecting their Binance and CommEx accounts. Before the deadline set by the cryptocurrency exchange, users can withdraw their Russian rubles using Binance’s fiat partners or use Binance Convert to convert their RUB into cryptocurrency. On the Binance Spot market, consumers can also exchange their Russian rubles for cryptocurrency.