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 <a href="https://www.binance.com/en/support/announcement/notice-regarding-the-discontinuation-of-russian-ruble-rub-support-on-binance-p2p-3016096ace174be381fa22b6636e2c5f" target="_blank" rel="noopener">the statement</a>, 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 <a href="https://crypto.news/tag/binance/">Binance</a>. 
<blockquote class="wp-block-quote"> 
 “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.” <cite>Binance announcement</cite>
</blockquote> 
 You might also like: <a href="https://crypto.news/is-binance-in-trouble/"> Is Binance in trouble? </a> 
In September, Binance <a href="https://crypto.news/breaking-binance-pulls-out-of-russia-selling-local-subsidiary-to-commex/">announced</a> 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, <a href="https://crypto.news/binance-accused-of-violating-sanctions-placed-on-russia/">report</a>s surfaced that the <a href="https://crypto.news/tag/doj/">U.S. Department of Justice</a> (DoJ) was investigating Binance due to a possible violation of sanctions against Russia. 
Binance also <a href="https://crypto.news/binance-to-stop-accepting-deposits-in-russian-rubles/">stopped</a> 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. 
The cryptocurrency platform also <a href="https://crypto.news/binance-to-axe-russian-ruble-payment-gateway/">ended</a> 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. 
 You might also like: <a href="https://crypto.news/commex-struggles-to-attract-russian-clients-as-binance-exits/"> CommEX struggles to attract Russian clients as Binance exits </a>

Binance to permanently suspend ruble on P2P platform

crypto.news

Other articles published on Dec 11, 2023

Tether Freezes Dozens Of Wallets Linked To US Sanctions

Crypto Fund Inflows Maintain 11-Week Streak: Dips Compared to Previous Weeks

Analyst Bullish on Chainlink, What’s Next Price Target ? Pullix Introduces Burn Feature

Polkadot’s price falls past $7 – How does this affect DOT’s prediction?

Bitcoin 145%YTD Rise Vs Ethereum’s Growth: Unraveling POOR COIN’s Excitement

Robert Kiyosaki Predicts S&P 500 Crash, Threatening Retirement Funds

Join our free newsletter for daily crypto updates!