Binance, the popular cryptocurrency exchange, is making significant moves in its exit strategy from the Russian market.
In an official announcement made on Friday, the exchange revealed its plan to cease accepting deposits in Russian rubles (RUB) starting November 15, 2023.
Additionally, Binance advised its users to withdraw any remaining RUB from their accounts on the platform, with RUB withdrawals set to be terminated on January 31, 2024.
To facilitate this transition, Binance has offered its users an alternative solution.
They can transfer their funds to CommEX, a newly established cryptocurrency exchange that acquired Binance’s Russian division back in September 2023.
Notably, CommEX will provide zero-fee RUB withdrawals, making it an attractive option for users looking to maintain their cryptocurrency assets.
Aside from CommEX, Binance users also have the option to withdraw RUB through Binance’s fiat partners.
These partners enable users to convert their RUB to cryptocurrency using the platform’s “Convert” tool or trade on the Binance Spot Market.
It’s worth noting that this method incurs a fee of up to 1%, as confirmed by a Binance spokesperson.
The decision to exit the Russian market stems from Binance’s sale of its Russian division to CommEX.
This transaction took place in late September 2023, and it has raised questions and controversy within the cryptocurrency community.
Notably, details about the size of the deal and the founders of CommEX have been scarce, leading some observers to speculate that CommEX might simply be a rebranding of Binance in order to continue operations in Russia without facing issues related to Western sanctions against the country.
Despite these speculations, Binance has consistently denied any ties between the exchange and CommEX, asserting that the sale marks its full exit from the Russian market.
A spokesperson for Binance emphasized, “With this sale, Binance fully exits Russia. We have no plans to get back.”
The situation continues to be closely watched by the cryptocurrency community, as the exit strategy unfolds and the crypto market landscape evolves.