Binance halts RUB trading on P2P platform

Binance has recently announced the discontinuation of Russian ruble transactions on its P2P platform. This decision is part of their exit strategy from the Russian market, where they sold their business to CommEX.

As per the official announcement, starting January 31, 2024, Binance P2P will cease ruble transactions for trading pairs such as BTC/RUB, ETH/RUB, FDUSD/RUB, USDT/RUB, RUB/RUB, BUSD/RUB, and BNB/RUB.

In P2P trading, traders directly exchange cryptocurrencies, with the platform serving as a transaction guarantor. Binance had previously restricted P2P transactions involving any currency other than the ruble to Russian users in August, and left the Russian market the in September.

Binance emphasises that users have the option to transfer their ruble assets to CommEX, where they can make RUB P2P transactions without additional fees. Additionally, clients can withdraw rubles from the exchange through Binance’s fiat partners or convert them into cryptocurrencies.

Earlier, Binance removed ruble pairs with popular cryptocurrencies and discontinued support for ruble deposits on the platform.

While other major crypto exchanges, including those without restrictions on Russia, offer similar services, Binance has garnered high popularity among Russian traders. This is attributed to its high liquidity and the capacity to facilitate substantial transactions through its P2P platform.

Experts suggest that in response to restrictions, certain Binance P2P users may opt for alternative crypto exchanges, some might turn to exchange offices, and larger participants could even consider establishing their own services.

And if you reside beyond the borders of Russia, you can still avail yourself of the numerous advantages offered by the Binance P2P service.