Cryptocurrency exchange Binance continues to withdraw from Russia and is preparing to terminate local currency deposits next week.
company on friday announced It officially says that it will stop accepting deposits in Russian rubles from November 15, 2023, and advises users to withdraw RUB from the platform, as it plans to stop withdrawals in this currency from next week.
The announcement states that Binance users will be able to transfer their funds to CommEX, a new crypto exchange. Acquired Binance’s Russian division in September 2023. Binance announced that RUB withdrawals on CommEX do not require any fees.
Other withdrawal options include Binance’s fiat partners, which allow users to convert RUB to cryptocurrency using the “Conversion” tool or simply by trading on the Binance Spot Market.
A Binance spokesperson told Cointelegraph that withdrawing rubles through fiat partners entails a fee of up to 1%.
The transaction between Binance and CommEX quickly sparked controversy; because neither company gave much information about the size of the deal or the founders of the newly acquired company.
Many industry players believe CommEX is just a The new face of BinanceIt was created with the aim of allowing the exchange to continue operating without facing Western sanctions against Russia. Skeptics have found significant evidence for such claims, including CommEX’s hiring of former senior Binance executives with ties to Russia.
However, Binance continued to deny accusations regarding possible connections between the platform and CommEX. “With this sale, Binance is leaving Russia completely. We have no intention of returning.”A Binance spokesperson concludes:
Translation by Walter Rizzo