Binance Slams the Brakes on Russian Ruble Deposits, Eyeing Full Exit by 2024!

"Binance Transfers Russian Operations to CommEX, Offering Zero-Fee Withdrawals for RUB"

Binance, one of the world’s largest cryptocurrency exchanges, has made the decision to sell its Russian operations to CommEX, a new digital asset exchange that emerged in September 2023. As part of this transition, Binance is encouraging users who hold Russian rubles (RUB) on its platform to transfer their funds to CommEX, with no transaction fees involved. CommEX has also announced zero-fee withdrawals for RUB as part of the acquisition deal. Until the January deadline, users will still be able to use Binance’s fiat partners to withdraw their funds through the Convert tool or trade RUB on the Binance Spot Market. However, the fees for these services have not been disclosed.

The sale of Binance’s Russian division has sparked controversy and raised concerns that CommEX might be a rebranded version of Binance, aiming to bypass Western sanctions imposed on Russia. These suspicions have been fueled by the fact that former Binance executives have been hired by CommEX and the lack of clear information about the deal’s size or the identities of CommEX’s founders. However, Binance has firmly denied any ongoing relationship with CommEX and has stated that it has no intentions of re-entering the Russian market.

In other news within the crypto space, there has been notable activity involving Ripple (XRP), with large amounts of the cryptocurrency being moved among major holders. These movements have coincided with rumors about a potential initial public offering (IPO) for Ripple, which has garnered significant attention from investors and enthusiasts alike. The details surrounding the potential IPO are still unclear, but it is a development worth keeping an eye on.

Furthermore, a coalition consisting of 50 countries has committed to swiftly implement a new cryptocurrency reporting framework. This move signifies a growing global effort to regulate digital assets and ensure transparency in the crypto market. The framework aims to address concerns such as money laundering, terrorist financing, and tax evasion, which have been associated with cryptocurrencies in the past. With more countries joining forces to regulate this emerging industry, it is expected that further measures will be taken to establish a secure and accountable environment for cryptocurrency transactions.

It is important to note that this article was generated with the support of AI technology and has been reviewed by an editor to ensure accuracy and adherence to journalistic standards. For more information, please refer to our terms and conditions.

Martin Reid

Martin Reid

Leave a Replay

Scroll to Top