Binance, the cryptocurrency exchange, has announced the permanent suspension of trading pairs involving the Russian ruble on its peer-to-peer (P2P) platform, effective January 31, 2024, at 00:00 UTC. This marks a notable change in Binance’s operations related to the Russian currency.
For users holding ruble funds, Binance outlined withdrawal options, including using the exchange’s fiat partners, converting rubles into cryptocurrency on Binance Convert, or trading them on the spot market.
Those interested in continuing ruble transactions can switch to CommEX, which is now handling Binance’s Russian business. Binance is guiding its Russian users through a systematic transition, following its exit from Russia and the sale of its business there to CommEX in September.
This move aligns with Binance’s compliance with regulatory requirements amid a reported U.S. Department of Justice investigation into potential violations of sanctions against Russia. The suspension of ruble trading pairs follows Binance’s earlier cessation of ruble deposits on November 15, with withdrawal services continuing until the January 2024 deadline.
Additionally, Binance terminated trading pairs involving rubles and major cryptocurrencies on November 20, and it concluded its partnership with the Advcash payment system, reflecting efforts to comply with international regulatory standards.
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