Binance will stop accepting deposits in Russian rubles (RUB) starting from November 15, 2023, the company officially announced on Friday. Binance also advised users to withdraw their RUB from the platform as they plan to cease RUB withdrawals on January 31, 2024.
The announcement noted that Binance users can transfer their funds to CommEX, a newly established cryptocurrency exchange company that acquired Binance’s Russian branch in September 2023. Binance emphasized that withdrawing RUB on CommEX will be fee-free.
Other withdrawal options include Binance’s fiat partners, which allow users to convert RUB to cryptocurrencies using the “Convert” tool or simply trade on Binance’s Spot Market. Binance spokespersons stated that withdrawing RUB via fiat partners may incur fees of up to 1%.
Binance declared a complete exit from Russia by selling its subsidiary to a newly formed cryptocurrency exchange entity named CommEX at the end of September 2023. This transaction sparked controversy as Binance and CommEX did not provide extensive details about the scale of the deal or the founders of CommEX.