Cryptocurrency exchange Binance is advancing its withdrawal from the Russian market, announcing the cessation of Russian ruble (RUB) deposits next week. Users on Binance Russia have until January 31, 2024, to withdraw their RUB holdings.
Timeline for Termination
Binance officially declared that it will no longer accept deposits in Russian rubles from November 15, 2023. The exchange is urging users to initiate the withdrawal process promptly, with the final deadline set for January 31, 2024, when RUB withdrawals will cease.
Binance users are encouraged to transfer their funds to CommEX, a new cryptocurrency exchange that acquired Binance’s Russian division in September 2023. The announcement assures users that RUB withdrawals on CommEX will incur no fees, providing a seamless transition for affected customers.
Alternative Withdrawal Options
In addition to CommEX, Binance users have alternative withdrawal options. They can leverage Binance’s fiat partners to convert RUB to cryptocurrency using the “Convert” tool or execute exchanges on the Binance Spot Market. However, the announcement does not specify the fees associated with these alternative methods.
Binance’s Exit Strategy
Binance revealed its comprehensive departure from the Russian market through the sale of its assets to CommEX in September 2023. This strategic move has generated speculation within the crypto community, with some asserting that CommEX is a rebranding of Binance, enabling continued operations in Russia amid Western sanctions. Binance, however, vehemently denies any connection between the two entities.
The sale to CommEX has been mired in controversy, primarily due to the lack of transparency regarding the deal’s size and the founders of CommEX. Skeptics point to CommEX hiring former executives linked to Binance as evidence of an ongoing relationship, despite Binance’s assertion that the sale marks its complete exit from the Russian market.
Binance remains firm in its denial of any ongoing ties with CommEX, stating, “With this sale, Binance fully exits Russia. We have no plans to get back.” The exchange continues to navigate through the complexities of its market exit strategy in response to regulatory and geopolitical challenges.
As Binance’s departure from the Russian market unfolds, users are urged to act swiftly to avoid disruptions to their RUB holdings on the platform.