Binance P2P Drops Support for RUB Pairs


Binance
P2P has decided to discontinue support for Russian Ruble (RUB) trading pairs,
including pairs like USDT/RUB, FDUSD/RUB, BNB/RUB,
ETH/RUB, BUSD/RUB, RUB/RUB and BTC/RUB effective from January 31, 2024,
00:00 (UTC). This decision follows Binance’s sale of its Russian operations to
CommEX.

Post
the discontinuation of support, users looking to engage in P2P trading with the Russian Ruble
can seamlessly transition to the CommEX platform. By registering or logging
into a CommEX account and connecting it to their corresponding Binance account,
users can transfer their assets and continue P2P trading with RUB on CommEX
without additional charges.

To
facilitate the transition, Binance has provided alternative options for users.
They can withdraw their Russian Rubles through Binance’s fiat
partners before the specified date, convert RUB into crypto using Binance
Convert, or opt for trading Russian Rubles for crypto on the Binance Spot
market.

Binance’s
Exit from the Russian Market

Last
September, Finance Magnates
reported that Binance
formally exited the Russian market, transferring its business operations to the
CommEX cryptocurrency exchange platform. The move has aligned with
Binance’s global compliance strategy, emphasizing dedication to regulatory
standards.

The
company has assured Russian users of the security of their assets during the
transition. Binance’s Chief Compliance Officer, Noah Perlman, cites regulatory
compatibility as a key factor, stating: “Operating in Russia is not
compatible with Binance’s compliance strategy.” Despite the withdrawal,
Binance expresses optimism about the global prospects of the web3 industry,
emphasizing a commitment to users in over 100 countries where it continues
operations.

This
strategic reallocation has underscored the cryptocurrency industry’s dynamic
nature, with regulatory considerations shaping major players’ strategies.
Binance’s decision, prompted by evolving regulatory landscapes, is likely to
spark discussions within the cryptocurrency community.

In
response to allegations of allowing Russian users to withdraw funds through
sanctioned banks, Binance is reevaluating its presence in the Russian market,
with “all options on the table, including a full exit.”

Previous
reports revealed Binance’s P2P trading platform permitted transactions through
sanctioned banks like Tinkoff Bank and Rosbank. Binance promptly ceased support
for these banks, addressing it as a service “gap.”

Other
exchanges, ByBit and
OKX, followed suit by suspending support for such banks while maintaining
services through non-sanctioned channels. The situation arises amid strict
financial sanctions on Russia, potentially exposing exchanges to enforcement
actions and fines in Western jurisdictions for violations.

Binance
P2P has decided to discontinue support for Russian Ruble (RUB) trading pairs,
including pairs like USDT/RUB, FDUSD/RUB, BNB/RUB,
ETH/RUB, BUSD/RUB, RUB/RUB and BTC/RUB effective from January 31, 2024,
00:00 (UTC). This decision follows Binance’s sale of its Russian operations to
CommEX.

Post
the discontinuation of support, users looking to engage in P2P trading with the Russian Ruble
can seamlessly transition to the CommEX platform. By registering or logging
into a CommEX account and connecting it to their corresponding Binance account,
users can transfer their assets and continue P2P trading with RUB on CommEX
without additional charges.

To
facilitate the transition, Binance has provided alternative options for users.
They can withdraw their Russian Rubles through Binance’s fiat
partners before the specified date, convert RUB into crypto using Binance
Convert, or opt for trading Russian Rubles for crypto on the Binance Spot
market.

Binance’s
Exit from the Russian Market

Last
September, Finance Magnates
reported that Binance
formally exited the Russian market, transferring its business operations to the
CommEX cryptocurrency exchange platform. The move has aligned with
Binance’s global compliance strategy, emphasizing dedication to regulatory
standards.

The
company has assured Russian users of the security of their assets during the
transition. Binance’s Chief Compliance Officer, Noah Perlman, cites regulatory
compatibility as a key factor, stating: “Operating in Russia is not
compatible with Binance’s compliance strategy.” Despite the withdrawal,
Binance expresses optimism about the global prospects of the web3 industry,
emphasizing a commitment to users in over 100 countries where it continues
operations.

This
strategic reallocation has underscored the cryptocurrency industry’s dynamic
nature, with regulatory considerations shaping major players’ strategies.
Binance’s decision, prompted by evolving regulatory landscapes, is likely to
spark discussions within the cryptocurrency community.

In
response to allegations of allowing Russian users to withdraw funds through
sanctioned banks, Binance is reevaluating its presence in the Russian market,
with “all options on the table, including a full exit.”

Previous
reports revealed Binance’s P2P trading platform permitted transactions through
sanctioned banks like Tinkoff Bank and Rosbank. Binance promptly ceased support
for these banks, addressing it as a service “gap.”

Other
exchanges, ByBit and
OKX, followed suit by suspending support for such banks while maintaining
services through non-sanctioned channels. The situation arises amid strict
financial sanctions on Russia, potentially exposing exchanges to enforcement
actions and fines in Western jurisdictions for violations.



Related posts

Leave a Reply

Your email address will not be published. Required fields are marked *