Binance to stop Russian ruble deposits next week

Cryptocurrency exchange Binance is moving ahead with its exit from Russia and is preparing to stop accepting local currency deposits next week.

Binance will stop accepting deposits in Russian rubles starting November 15, 2023, the firm announced publicly on Friday. Binance has advised users to withdraw RUB from the platform as it expects to stop issuing RUB on January 31, 2024.

Note that the announcement will allow Binance users to transfer their funds to CommEX, a new crypto exchange that will acquire Binance's Russian division in September 2023.

Other withdrawal options include Binance's fiat partners, which allow users to exchange RUB using the “Convert” tool or on the Binance Spot Market.

A Binance spokesperson told Cointelegraph that withdrawing rubles through fiat partners will incur a fee of up to 1%.

Binance has announced its complete exit from Russia by the end of September 2023, selling the company to a newly launched crypto exchange known as CommEX. The transaction quickly sparked controversy, as Binance and CommEX did not provide much information about the size of the deal or CommEX's founders.

Related: Turkish lira to be top crypto trading pair on Binance in September 2023

Many crypto observers speculate that CommEX is a new name for Binance, giving it a way to continue its operations in Russia without facing problems with Western sanctions on the country. The skeptics have found substantial evidence for such claims, including CommEX hiring prominent former Russian-linked executives from Binance.

Binance, however, continues to deny allegations of possible connections between the platform and CommEX. With this sale, Binance will completely exit Russia. We have no plans to return,” a Binance spokesperson told Cointelegraph.

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