The world’s largest crypto exchange by volume, Binance, has announced that it will terminate deposits for the Russian ruble (RUB) from Nov. 15, 2023. The exchange’s Russian users have until Jan. 31, 2024, to withdraw their rubles from the platform.
As per the official announcement, users can transfer their funds to CommEX, a crypto exchange that acquired Binance’s Russian division in September 2023. According to the official report, withdrawals on CommEX will have no fees.
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Users can also use the exchange’s fiat partners to convert RUD to other cryptocurrencies. However, the platform did not mention any fees that may be associated with this method.
Binance’s exit from Russia
The exchange announced its exit from the Russian market in late September 2023. Soon after, it was revealed that CommEX would acquire the platform’s Russian division. However, neither firm has gone into details about the deal or how much money was involved in the purchase.
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Some have speculated that CommEX is just another name Binance has taken to continue its Russian operations. Many have pointed to CommEX hiring Binance Russia’s executives as evidence for their claims. However, there is no direct evidence to prove such claims. One spokesperson had stated, ‘With this sale, Binance fully exits Russia. We have no plans to get back.’
The exchange is also in a legal battle with the US SEC (Securities and Exchange Commission). According to the SEC, the firm sold unregistered securities to retail investors. However, Binance has refuted the allegations.
The exchange recently made an effort to dismiss the lawsuit. However, the financial regulator pushed back against the firm’s motion. Binance is one of many crypto firms facing legal issues in the US. Other companies include Coinbase and Ripple, which recently achieved a partial win against the SEC.