Binance, the digital asset exchange, has announced the discontinuation of trading pairs with the Russian ruble on its peer-to-peer (P2P) platforms starting from January 31, 2024.
In an official statement on December 11, the company stated that it will no longer support trading pairs with the #Russian ruble for digital assets after announcing its exit from the country due to broader issues related to regulatory requirements and compliance.
Fellow Binancians. Following the decision of exiting Russia with sale to CommEX, Binance P2P will no longer support the Russian Ruble (RUB) trading pairs, i.e., USDT/RUB, BTC/RUB, FDUSD/RUB, BNB/RUB, ETH/RUB, BUSD/RUB and RUB/RUB P2P trading pairs, starting from 2024-01-31 00:00 (UTC).
It is expected that users will continue trading with the Russian ruble on the #CommEx platform and will be able to link their accounts to the corresponding Binance account to transfer assets stored on #Binance to CommEX after the market exit.
On the other hand, users can also convert rubles to cryptocurrency through the spot market or withdraw assets directly through fiat partners until the deadline of January 31.
This move was taken after Binance announced in September its complete exit from the Russian market with the sale of CommEX.
The decision to exit the Russian market was delayed in the industry for several weeks as some analysts predicted the same due to compliance issues with financial institutions in the country regarding sanctions following the invasion of Ukraine.
In August, The Wall Street Journal reported that the exchange was helping Russia bypass sanctions imposed by several Western countries due to high volumes of ruble trading on its P2P platform.
In particular, the report notes that the world's largest exchange offers its P2P services with #Rosbank and #Tinkoff Bank, two institutions that are under US sanctions.
Binance denied any partnership with the banks, adding that P2P services are prohibited for all users, and the exchange and other competitors subsequently delisted the banks.
According to several commentators, the investigation into Binance's violation of global regulatory requirements led to the dismissal of some company executives and raised broader market concerns.
On September 27, the exchange announced its complete exit from the Russian market by selling it to CommEx, citing a compliance strategy.
“As we look toward the future, we recognize that operating in Russia is not compatible with Binance’s compliance strategy. We remain confident in the long-term growth of the Web3 industry around the world and will focus our energy on the 100+ other countries in which we operate.”Binance stated in a blog post.
Binance's decision to discontinue trading pairs with the Russian ruble on its P2P platforms further solidifies its exit from the market. Users will need to find alternative platforms or methods to trade with the Russian ruble once the trading pairs are discontinued.
This move by Binance comes amidst increasing regulatory scrutiny on the cryptocurrency industry globally. Several countries, including Russia, have been implementing stricter regulations and cracking down on cryptocurrency exchanges in recent months.
It remains to be seen how Binance's exit from the Russian market and discontinuation of ruble trading pairs will impact the cryptocurrency landscape in the country.
