Binance Will Cease Russian Ruble Deposits, Shifts Focus to CommEX Transition

Published: November 10, 2023 at 6:01 am Updated: November 10, 2023 at 6:02 am

Edited and fact-checked:
November 10, 2023 at 6:01 am

In a significant move, Binance has announced it will stop accepting deposits in Russian Rubles (RUB) from November 15, 2023, following its decision to exit the Russian market and its sale to CommEX. This change marks a notable shift in the platform’s operations, reflecting the dynamic nature of global cryptocurrency exchanges.

While deposits in Russian rubles will cease, Binance users will still be able to withdraw their RUB holdings until January 31, 2024. This extended withdrawal period provides users ample time to manage their assets amidst these changes.

Plans a Smooth User Transfer to CommEX

To facilitate a smooth transition for its users, Binance is offering fee-free transfers of fiat balances in Russian rubles to the CommEX platform. Users need to register or log into their CommEX account and link it to their corresponding Binance account to initiate the transfer of funds.

For users looking to withdraw their Russian ruble holdings, Binance suggests several options: they can use Binance’s fiat partners before the deadline, convert their rubles to crypto using Binance Convert, or trade them for crypto on the Binance Spot market. These alternatives provide flexibility for users to manage their assets in light of the new changes.

Binance emphasizes that in case of any discrepancies between translated versions of this announcement and the original English version, the English version will be considered authoritative.

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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master’s degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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