On November 20, Binance, the world’s largest cryptocurrency exchange, is set to discontinue and cease trading for various cryptocurrencies within Russian Ruble (RUB) pairs. This was confirmed in an official announcement on November 17.

This significant move entails the removal of major spot trading pairs, including Cardano (ADA), Binance Coin (BNB), BUSD, Polkadot (DOT), Ethereum (ETH), Litecoin (LTC), Polygon (MATIC), Solana (SOL), and XRP in RUB pairs.

Binance Departure from Russia’s Crypto Market

As part of its strategic decision to exit the Russian market entirely and discontinue Russian Ruble deposits, Binance will delist and cease trading for these selected spot trading pairs. This decision aligns with Binance’s recent agreement to sell its entire business operations in Russia to CommEX.

Additional cryptocurrencies affected by this removal include ALGO/RUB, ARB/RUB, ARKM/RUB, ARPA/RUB, NEAR/RUB, and WLD/RUB.

Binance emphasized,

To protect users and maintain a high-quality trading market, Binance conducts periodic reviews of all listed spot trading pairs, and may delist selected spot trading pairs due to multiple factors, such as poor liquidity and trading volume.

Impact on Users and Market Dynamics

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Starting from November 20 at 03:00 UTC, users will no longer be able to conduct spot trading for the aforementioned cryptocurrencies within RUB pairs.

However, these cryptocurrencies will remain available for spot trading in other pairs. This decision by Binance arises amidst increased regulatory scrutiny and challenges. It prompts the exchange to gradually delist BUSD stablecoin pairs with plans to terminate support by February 2024.

Furthermore, Binance has previously removed major liquidity pools involving cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB). This also includes Cardano (ADA), Polygon (MATIC), Solana (SOL), Shiba Inu (SHIB), and Dogecoin (DOGE).

Additionally, the exchange has ceased trading for cryptocurrencies like Cardano (ADA), Polygon (MATIC), Avalanche (AVAX). It also includes Bitcoin Cash (BCH), Chainlink (LINK), Shiba Inu (SHIB), Dogecoin (DOGE), LUNA, and LUNC in BUSD margin trading pairs.

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Tanishi is an established writer in the realm of cryptocurrency and blockchain, renowned for her expertise and insightful analysis. With a deep-rooted passion for the dynamic world of digital finance, Tanishi delivers compelling news and articles that captivate a wide-ranging audience.