The digital asset marketplace Binance is getting ready to stop accepting deposits in local currency next week as part of its withdrawal from Russia. Beginning on November 15, 2023, the exchange will no longer accept deposits made via Russian rubles, the company formally declared on Friday. Additionally, the exchange encouraged customers to remove their RUB from the site since it anticipates stopping RUB withdrawals around January 31, 2024.
According to the news, customers of the exchange can move their money to CommEX, a brand-new cryptocurrency exchange that bought the exchange’s Russian subsidiary in September this year. RUB transfers on CommEX are going to be free of charge, according to Binance. Additional ways for withdrawal include using the exchange’s fiat collaborators, which let customers trade on the Spot Market or utilize the “Convert” function to transform RUB to crypto.
The Shift Has Taken Place After Binance Sold Its Company To CommEX
A Binance representative told Cointelegraph that there is a cost of up to 1% for withdrawing rubles through fiat collaborators. By selling its company to CommEX, a recently established cryptocurrency exchange declared its complete withdrawal from Russia towards the end of September this year. Due to the lack of transparency from CommEX and the exchange on the deal’s magnitude and CommEX’s founders, the transaction rapidly became controversial.
Many watchers of the cryptocurrency space have conjectured that CommEX merely represented Binance’s new identity, allowing the transaction to carry on with activities there without running afoul of the sanctions imposed by the West on the nation. Significant evidence supporting these assertions has been discovered by the doubters, including the employment of well-known former Binance executives with ties to Russia by CommEX. However, the exchange persisted in rejecting the claims that there could be a connection between the network and CommEX. The exchange has completely left Russia with the sale. We don’t intend to return, a Binance representative informed Cointelegraph.