Binance Holdings Ltd., the world’s largest cryptocurrency exchange, announced that it will stop accepting Russian ruble deposits as of Nov. 15, 2023, as part of its plan to sell its Russia business to CommEX, a Dubai-based digital asset platform.
The exchange said that Russian ruble withdrawals will continue until Jan. 31, 2024, and that users with fiat balances in Russian rubles can transfer their funds to the CommEX platform free of charge.
Binance also said that users can withdraw Russian rubles through its fiat currency partners or convert them to crypto on its platform before the deadline.
The announcement comes after Binance finalized the sale of its entire Russia operations to CommEX on Sept. 27, 2023, in a strategic move to adapt to the changing regulatory environment in Russia, where the authorities have been cracking down on crypto-related activities and imposing fines and restrictions on crypto exchanges.
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