Binance Pauses Ruble Trades on P2P Platform After Exiting Russia

• Binance Ceases Ruble Support on P2P Platform Amidst Russian Exit
• Ruble Support to End by January 31
• Transferring Operations to CommEX
• Reasoning Behind the Russian Exit
• Related Topics:

Binance Ceases Ruble Support on P2P Platform Amidst Russian Exit

Leading cryptocurrency exchange, Binance, has decided to terminate support for the Russian ruble on its peer-to-peer (P2P) trading platform. The move comes as the company prepares to depart from the Russian market, as reported on Monday.

Ruble Support to End by January 31

Support for the ruble on Binance's P2P platform is scheduled to end on January 31 of the upcoming year. Customers have been advised to withdraw their funds prior to this date, or alternatively, they can transfer their funds to CommEX. CommEX is set to take over Binance's operations in Russia.

Transferring Operations to CommEX

In September, Binance announced its complete withdrawal from the Russian market, stating it would be selling its local business to CommEX. Interestingly, CommEX was launched just a day prior to the announcement of the sale agreement. The rapid progression of these events led to speculation, prompting Binance founder Changpeng CZ Zhao to deny ownership of CommEX in the aftermath of the announcement.

Reasoning Behind the Russian Exit

Binance revealed that its decision to leave Russia was because its activities in the country were not aligned with its compliance strategy. The company recently agreed to a settlement of $4.3 billion with U.S. authorities to resolve several charges, one of which pertained to sanctions law. Following these developments, Zhao resigned from his position as the company's CEO.

Related Topics:

For further information, refer to 'Binance Exits Russia, Sells Unit to CommEX'.

Edited by Jonathan Stoker