Binance, the largest and embattled crypto exchange, has revealed its intention to permanently suspend the Russian Ruble on its P2P platform.
From Jan. 31, 2024, 00:00 UTC, the P2P platform of the Binance cryptocurrency exchange will stop supporting trading pairs with the Russian ruble.
According to the statement, users can withdraw funds in this currency through the exchange’s fiat partners, convert them into cryptocurrency on Binance Convert, or exchange them on the spot market.
The statement added that users can place orders of the Russian ruble on CommEX, which owns the Russian business of Binance.
“To use CommEX for P2P trading, simply register for or log into the CommEX account and connect it to the corresponding Binance account. Once the connection is complete, users can transfer their assets from Binance to CommEX and continue P2P trading with Russian Ruble (RUB) on CommEX.”
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Why The Suspension?
In September, Binance announced it exited Russia and sold its business to CommEX. The exchange promised its Russian users a systematic transition to another platform, which it says will last about a year.
The exchange cited the need to comply with regulatory requirements for leaving Russia. Previously, reports surfaced that the U.S. Department of Justice (DoJ) was investigating Binance due to a possible violation of sanctions against Russia.
Binance also stopped accepting deposits in Russian rubles on November 15. Withdrawals will continue until Jan. 31, 2024. On November 20, the exchange removed ruble pairs with the most prominent cryptocurrencies.
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The cryptocurrency platform also ended its partnership with the Advcash payment system. According to some reports, the reason is that clients transferred funds from sanctioned banks in the Russian Federation through this gateway.
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