The leading crypto exchange, Binance, is terminating support for Russian fiat currency Ruble (RUB), following its decision to exit Russia fully.
According to an announcement from the exchange, it will stop ruble deposits from November 15 onwards; however, users can withdraw their RUB till January 31, 2024.
Users with Rubles in their accounts can transfer their balance to CommEX without paying fees. After the withdrawal deadline, the remaining ruble balance in the user’s wallet will be converted into crypto through Binance Convert.
The move follows Binance’s exit from Russia with it selling business to a local crypto exchange, CommEX in September. Binance said that operating in Russia is not compatible with the exchange’s compliance strategy.Â
While CommEX shared a suspect role by hiring former leading executives from Binance, several users said that CommEX was nothing but a Russian exchange entity for Binance.
Users also accused Binance of doing this to operate in Russia inconspicuously while avoiding sanctions from Western countries. However, Binance founder and CEO CZ has denied any connection with CommEX.Â
Also read: Binance Launches Self-custody Web3 Wallet Using MPC Technology
