Binance P2P has decided to discontinue support for Russian Ruble (RUB) trading pairs, including pairs like USDT/RUB, FDUSD/RUB, BNB/RUB, ETH/RUB, BUSD/RUB, RUB/RUB and BTC/RUB effective from January 31, 2024, 00:00 (UTC). This decision follows Binance's sale of its Russian operations to CommEX.
Binance P2P Users Shift to CommEX without Charges
Post the discontinuation of support, users looking to engage in P2P trading with the Russian Ruble can seamlessly transition to the CommEX platform. By registering or logging into a CommEX account and connecting it to their corresponding Binance account, users can transfer their assets and continue P2P trading with RUB on CommEX without additional charges.
To facilitate the transition, Binance has provided alternative options for users. They can withdraw their Russian Rubles through Binance's fiat partners before the specified date, convert RUB into crypto using Binance Convert, or opt for trading Russian Rubles for crypto on the Binance Spot market.
Following the decision of exiting Russia with sale to CommEX, Binance P2P will no longer support the Russian Ruble (RUB) trading pairs, i.e., USDT/RUB, BTC/RUB, FDUSD/RUB, BNB/RUB, ETH/RUB, BUSD/RUB and RUB/RUB P2P trading pairs, starting from 2024-01-31 00:00 (UTC).…
— Wu Blockchain (@WuBlockchain) December 11, 2023
Binance's Exit from the Russian Market
Last September, Finance Magnatesreported that Binance formally exited the Russian market, transferring its business operations to the CommEX cryptocurrency exchange platform. The move has aligned with Binance's global compliance strategy, emphasizing dedication to regulatory standards.
The company has assured Russian users of the security of their assets during the transition. Binance's Chief Compliance Officer, Noah Perlman, cites regulatory compatibility as a key factor, stating: "Operating in Russia is not compatible with Binance's compliance strategy." Despite the withdrawal, Binance expresses optimism about the global prospects of the web3 industry, emphasizing a commitment to users in over 100 countries where it continues operations.
This strategic reallocation has underscored the cryptocurrency industry's dynamic nature, with regulatory considerations shaping major players' strategies. Binance's decision, prompted by evolving regulatory landscapes, is likely to spark discussions within the cryptocurrency community.
In response to allegations of allowing Russian users to withdraw funds through sanctioned banks, Binance is reevaluating its presence in the Russian market, with "all options on the table, including a full exit."
Previous reports revealed Binance's P2P trading platform permitted transactions through sanctioned banks like Tinkoff Bank and Rosbank. Binance promptly ceased support for these banks, addressing it as a service "gap."
Other exchanges, ByBit and OKX, followed suit by suspending support for such banks while maintaining services through non-sanctioned channels. The situation arises amid strict financial sanctions on Russia, potentially exposing exchanges to enforcement actions and fines in Western jurisdictions for violations.
This article was written by Tareq Sikder at www.financemagnates.com.
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