Binance To Close Russian Ruble Deposits Next Week

Binance, one of the world’s largest crypto exchanges, is set to terminate its ruble deposits in Russia next week. The exchange has been preparing to exit Russia and has announced that it will stop accepting deposits in Russian rubles (RUB) starting Nov. 15, 2023. Binance has advised users to withdraw their RUB from the platform as it expects to terminate RUB withdrawals in Jan.

The announcement notes that Binance users may transfer their funds to CommEX, a newly created cryptocurrency exchange that assumed the control of the Russian branch as of September 2023. Binance clarified that CommEx withdrawal in RUB will attract no fees.

Withdrawal choices include Binance’s fiat partners that can be used by converting RUB into crypto via the Convert tool or on the spot market.

In late Sept 2023, Binance left the Russian market after selling its subsidiary business to an emerging crypto-exchange company, CommEX. The deal attracted controversy concerning its size, and both Binance and CommEX kept silent over the CommEX’s founders.

CommEX: Unraveling The Controversy Amid Binance Exit From Russia & Legal Challenges In the U.S.

Many crypto observers argue that CommEX is just a renamed form of Binance because they want to keep their operations running in Russia without encountering any problems associated with Western sanctions targeting the country. However, skeptics cite strong indications, including CommEX hiring well-known ex-Russians at Binance.

Nevertheless, some observers doubted whether BNB could come back to Russia again. Noah Perlman, the company’s chief compliance officer, remarked, “We are no longer operating in Russia because our approach to compliance strategy cannot work out that way.”

Nevertheless, major U.S. market regulators have filed lawsuits accusing the firm of criminally penetrating U.S. customers’ databases, violating security laws, and siphoning off billions of dollars from users through a fraudulent entity purportedly owned by Zhao.

Despite that, the company specify a lawsuit from the Commodity Futures Trading Commission as unexpected and disappointing. It expressed disappointment and discouragement in response to a different lawsuit from the Securities and Exchange Commission, whose US affiliate labeled the suit baseless, and it will challenge both.

Related Reading| Binance Launches New Web3 Wallet To Increase User Experience

The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.

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