Key takeaways:
- Binance is preparing to stop accepting deposits in local currency next week as part of its withdrawal from Russia.
- According to the news, customers of Binance can move their money to CommEX, which bought Binance’s Russian subsidiary in September 2023.
The cryptocurrency exchange 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, Binance will no longer accept deposits made in Russian rubles, the company formally declared on November 10.
Additionally, Binance encouraged customers to remove their RUB from the site because it anticipates stopping RUB withdrawals on January 31, 2024.
According to the news, customers of Binance can move their money to CommEX, a brand-new cryptocurrency exchange that bought Binance’s Russian subsidiary in September 2023. RUB withdrawals on CommEX will be free of charge, according to Binance.
Additional ways for withdrawal include using Binance’s fiat partners, which let customers exchange on the Binance Spot Market or utilize the “Convert” function to convert RUB to cryptocurrency.
By selling its company to CommEX, a recently established cryptocurrency exchange, Binance announced its complete withdrawal from Russia in late September 2023. Due to the lack of transparency from Binance and CommEX on the deal’s magnitude and CommEX’s founders, the transaction quickly became controversial.
Many observers of the cryptocurrency space have conjectured that CommEX was just Binance’s new identity, allowing the exchange to carry on with activities in Russia without running afoul of the sanctions imposed by the West on the nation. Significant evidence supporting these assertions has been discovered by the skeptics, including the hiring of well-known former Binance executives with ties to Russia by CommEX.
However, Binance persisted in rejecting the claims that there might be a connection between the platform and CommEX.
On November 5, OKX delisted USDT and USDC, which are based on Solana, and Binance halted deposits for them. The entire Solana ecology suffered as a result of FTX’s quick collapse.
Binance provided no explanation for the most recent suspension. Not all cryptocurrency exchanges have ceased, enabling the two most well-liked stablecoins on the Solana blockchain to be withdrawn.
