Binance is set to halt Russian ruble deposits, marking another step in its departure from the Russian market. The deadline for users to withdraw their rubles from the exchange is Jan. 31, 2024, providing a window of slightly over two months.
Deposits, Withdrawals and Smooth Transition to CommEX
Effective Nov. 15, 2023, Binance will cease accepting deposits in Russian rubles, according to the official announcement made on Friday. Users are strongly advised to initiate the withdrawal process before the looming deadline, as RUB withdrawals on the platform will be terminated by Jan. 31, 2024.
To facilitate a seamless transition, Binance highlights the option for users to transfer their funds to CommEX, the new crypto exchange entity that acquired Binance’s Russian division in September 2023. Notably, RUB withdrawals on CommEX will incur zero fees, providing an attractive alternative for users.
Fiat Partners and Binance Spot Market
In addition to CommEX, Binance users can explore other withdrawal options through the platform’s fiat partners. These partners allow users to convert RUB to cryptocurrency using the “Convert” tool or engage in direct exchanges on the Binance Spot Market. It’s important to note that withdrawals through fiat partners come with a fee of up to 1%, as confirmed by a Binance spokesperson.
Binance’s exit from the Russian market, marked by the sale of its firm to CommEX, has not been without controversy. The transaction, completed in September 2023, raised questions about the details of the deal and the founders of CommEX, with limited information provided by both parties.
Speculations and Denials
Amidst speculations suggesting CommEX as a rebranded Binance for continued operations in Russia, Binance has consistently denied any such ties. Despite skeptics pointing to the hiring of former Russia-related executives from Binance by CommEX, a spokesperson from Binance reaffirms the complete exit from Russia, stating, “With this sale, Binance fully exits Russia. We have no plans to get back.”