Binance to Cease Russian Ruble Deposits Effective 15 November

Binance has declared its decision to cease accepting Russian ruble (RUB) deposits starting from 15 November 2023.

While deposit services will be discontinued, Binance ensures a smooth transition for its users by allowing Russian ruble withdrawals until 31 January 2024, providing ample time for strategic financial adjustments.

For users holding a fiat balance in Russian rubles, a fee-free transfer option is presented to migrate their funds to the CommEX platform.

Users are encouraged to register or log into their existing CommEX accounts, linking them to their corresponding Binance accounts.

Once connected, a straightforward transfer process enables users to move their Russian rubles from Binance to CommEX.

Alternatively, users may opt for several withdrawal avenues, including utilising Binance’s fiat partners, converting Russian rubles into cryptocurrency through the Binance Convert feature, or engaging in crypto-to-ruble trades on the Binance Spot market.

It is important to note that withdrawing rubles through Binance’s fiat partners incurs a fee of up to 1%, as clarified by a Binance spokesperson.

This development follows Binance’s complete withdrawal from the Russian market, marked by the sale of its business to the newly established crypto exchange entity, CommEX, in late September.

Controversy surrounds the transaction due to limited disclosures about its size and CommEX founders, fuelling speculation that CommEX might merely be a rebranded extension of Binance.

Notably, prominent former executives related to Russia from Binance have joined CommEX, contributing to scepticism about the relationship between the two entities.

Despite allegations and speculations, Binance firmly denies any association between the platform and CommEX, emphasising its commitment to transparent and compliant operations.

A spokesperson from Binance explained:

“With this sale, Binance fully exits Russia. We have no plans to get back.”

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