Binance has decided to halt Russian deposits going into effect from next week. On this account, the exchange has allotted 2 months for the consumers to withdraw ruble deposits out of their accounts.
Binance to Exit Russia
The final date for withdrawal has been set at 31st January, 2024. Binance is now in the process of existing Russia and will remove ruble deposit options for native account holders starting from next week.
Binance halted the Ruble deposit options from 15th November, 2023 according to an official notification on Friday. Binance exchange has informed the investors to withdraw their ruble deposits from Binance accounts.
The firm has noted that it will remove all Ruble withdrawals on 31st January next year. The firm has noted that the users can send their funds to CommEX. It is a new crypto exchange that purchased Binance in September this year.
Binance Fiat Partners Allow Users to Convert Crypto into Ruble
There are some fiat partners working with Binance that allow the investors to convert their ruble reserves into cryptocurrencies using convert tool. The tool is available on the Binance spot market for the consumers in Russia.
At the same time, these fiat partners charge a 1% fee for direct withdrawals in Ruble as per Binance spokesperson. Binance has sold the trading platform to a new trading platform named CommEX in the region.
However, the deal has created some controversy as Binance and CommEX have not disclosed information about the scope of the deal and details about CommEX creators. There are some speculations that CommEX is a new name for Binance.
Some analysts believe that the rebranding will allow the trading platform to operate while avoiding western sanctions. CommEX has also hired former Binance executives according to some media reports.
Binance Ensures No Connection with CommEX
Binance officials have denied any connection or affiliation with CommEX. The firm has retained that the reason of the selling the trading platform was to exit the region. The spokesperson disclosed that the business has no intention to get back.
On the other hand, Binance recently hosted Blockchain Week at Istanbul on November 8-9 during a time when Turkish Lira became the leading trading pair on the trading platform.
However, Binance CEO CZ did not attend the event. Istanbul has hosted a number of blockchain and cryptocurrency summits on account of its geographical location. Around 2000 attendees visited the event from around the globe.
The company used the event to announce the launch of Web3 wallet. Richard Tang, head of regional markets introduced the new feature to 150 million Binance consumers. Other firms and platform such as Alchemy Pay, Zignaly, and Trust Wallet were also among attendees.
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