Binance to stop accepting Russian ruble deposits

Binance has announced the cessation of Russian ruble deposits. The platform will halt the acceptance of fiat deposits in rubles as of November 15, 2023. However, users can continue to withdraw funds in rubles until January 31, 2024.

In September, Binance announced the sale of its Russian business. The migration of users to the CommEx platform and the selling process will take up to one year.

CommEx revealed its launch a day before Binance’s official exit from Russia. As per the announcement on the new exchange’s official website, it offers access to one of the world’s largest liquidity pools.

To ease the shift to CommEx, Binance allows users to transfer rubles to the new platform without any fees. To avail of this, users need to create an account on the new exchange and link it to their Binance account. Additionally, users have the option to convert rubles into cryptocurrency.

At the start of the month, news surfaced about Binance intending to terminate its partnership with the AdvCash payment system, which had facilitated fund transfers between the exchange and major Russian banks.

Following Binance’s exit and restrictions on other platforms, Bybit has emerged as a hub for increased liquidity in currencies relevant to Russian residents’ relocation and a surge in transactions within the ruble zone. According to experts, the reasons for this were the popularity of peer-to-peer transactions among relocating individuals and the use of this platform by companies engaged in international economic dealings.

Previously, Binance’s CEO, Changpeng Zhao, shared insights into sale of their Russian business, while the CommEx team outlined their forthcoming plans.