Binance, a major player in the cryptocurrency market, is bidding farewell to the Russian market. Part of this exit strategy and sale to CommEX includes plans to discontinue all services related to the Russian ruble (RUB) by early February 2024.
This decision holds significant implications for users with RUB assets on the platform and has prompted Binance to provide clear guidelines for navigating this transition.
Delisting of Spot Trading Pairs
On January 30, 2024, Binance's spot trading services will delist all existing RUB spot trading pairs, including popular ones like BTC/RUB and USDT/RUB. Any open spot orders tied to these pairs will be automatically closed. Additionally, Binance Convert and Binance Pay will delist all RUB trading pairs and exclude RUB from the list of supported fiat currencies, effective January 30, 2024.
For users looking to directly withdraw RUB, Binance Fiat will support these withdrawals until January 31, 2024, at 00:00 UTC. According to the crypto exchange, users must use this chance to secure their funds. Lastly, Binance's P2P trading will delist all RUB trading pairs on January 31, 2024, at 00:00 UTC. This marks the conclusion of RUB-related trading activities on the platform.
Binance Faces Global Regulatory Pressure
Last year, Binance P2P announced the discontinuation of RUB trading pairs, including USDT/RUB, FDUSD/RUB, BNB/RUB, ETH/RUB, BUSD/RUB, RUB/RUB, and BTC/RUB, effective from January 31, 2024, 00:00 UTC. According to a report by Finance Magnates, this decision followed Binance's sale of its Russian operations.
Following this step, Binance provided alternative options for users, including withdrawing RUB through Binance's fiat partners before the deadline. The other options include converting RUB into crypto using Binance Convert or trading the currency for crypto on the Binance Spot market.
Previous reports revealed that Binance's P2P trading platform allowed transactions through sanctioned banks like Tinkoff Bank and Rosbank. However, Binance promptly ceased support for these banks amid strict financial sanctions on Russia.
This article was written by Jared Kirui at www.financemagnates.com.
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