In a strategic move, the prominent crypto powerhouse, Binance, has declared the termination of its support for the Russian Ruble (RUB), solidifying its plans to make a complete exit from the Russian market.
The announcement from Binance outlines that it will halt ruble deposits starting November 15, giving users the window to withdraw their RUB until January 31, 2024. Users holding ruble balances in their accounts are also provided with an option to seamlessly transfer their funds to CommEX without incurring any fees. Post the withdrawal deadline, any remaining ruble balance in user wallets will be automatically converted into cryptocurrency through Binance Convert.
This move is a part of Binance’s larger plan to bid adieu to Russia, a journey that began with the sale of its business to the local crypto exchange, CommEX, back in September. According to Binance, the decision to pull out from Russia is rooted in the incompatibility of operating within the country’s regulatory framework with the exchange’s stringent compliance strategy.
While CommEX has been brought into the spotlight, hiring former key executives from Binance, skepticism lingers among users. Some users argue that CommEX is merely a Russian entity for Binance, raising accusations that Binance is executing this move to continue operations in Russia discreetly, while avoiding sanctions from Western countries.
In the midst of swirling speculations, Binance’s founder and CEO, CZ, has adamantly denied any connections with CommEX, setting the stage for a crypto drama that keeps the industry on its toes.