The popular crypto platform Binance will stop accepting Russian rubles. Formally, local currency is ending on November 15, 2023. Indeed, this concurs with Binace’s strategy of exiting the Russian market. In September, it will sell its Russian business to CommEx and subsequently move on to Stage Two.
It means that since Friday, Binance notified its Clients that Ruble withdrawal could still be made until a specified date, 31st of January 2024. After all the same, it would become prohibited. In line with this decision to wind up the service, Binance will also leave Russia fully.
It is easy to send the Binance deposits to the commEx-Russian cryptocurrency exchange so that Exchange users can move to another domain and become its customers. Exchange noted that for those planning to pay via CommEX, there would be no withdrawal fees whatsoever to compel them to CommEX.
Apart from CommEX, one can use another withdrawal channel, including its fiat partners. These companies aid the conversion of Russian rubles into cryptocurrencies via the “Crypto” button and by directly trading on the Binance Spot market. Nevertheless, such announcements should clearly state the fees associated with alternative withdrawal options.
Binance’s Enigmatic Exit from Russia: Unraveling the CommEX Conundrum
Since its exit from CommEx in September, the observers have been speculating about Binance’s move out of Russia. The cryptocurrency people wonder whether to trust it, considering that the CommEX company has deliberately withheld even as little as details about the transaction as well as the people behind the brand.
This move created speculations that CommEX could be considered as re-branding Binance, allowing the exchange to do business in Russia and bypass possible problems that may come up about Western sanctions. The fact that CommEX has recently hired known former Binance executives linked to Russia has fueled these claims.
Skeptics notwithstanding, Binance’s confidence in their independence from CommEx was unwavering. The exchange spokesperson said, “The deal marks Binance out of Russia forever. There is no return after this exit”.
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The transparency issue regarding the final piece of evidence related to the CommEX acquisition remains unanswered. In light of this development, Binance is exiting the Russian digital assets market. A clueless, dubious eye-opener within the crypto space stirs up the same controversy, proving to be a disgrace upon one of Binance’s moves.