The leading crypto exchange, Binance is terminating support for Russian Ruble (RUB) following its plans to exit fully from Russia.
According to an announcement from the exchange, it will stop ruble deposits from November 15 onwards while users will be able to withdraw their RUB until January 31, 2024.
Users having ruble in their account can transfer their balance to CommEX without paying any fees. After the withdrawal deadline, remaining ruble balance in the user wallet will be converted into crypto through Binance Convert.
The move follows Binance’s exit plans from Russia with it selling business to a local crypto exchange CommEX in September. Binance said that operating in Russia is not compatible with the exchange’s compliance strategy.
While CommEX shared a suspect role by hiring former leading executives from Binance, several users said that CommEX was nothing but a Russian exchange entity for Binance. Users also accused that Binance of doing this to operate in Russia inconspicuously while avoiding sanctions from Western countries.
However, Binance founder and CEO, CZ has denied any connection with CommEX.