- Binance is ending P2P support for the Russian ruble.
- The exchange has urged customers to transfer holdings to CommEx, the new owners of its Russia business.
- The P2P platform was central to sanctions violation allegations against the exchange.
Amid sanction violation allegations, Binance has recently taken multiple steps to distance itself from the Russian market, including selling its business to a newly launched exchange called CommEx and dropping its long-time ruble payment partner, Advcash.
Sponsored
In line with these efforts, the exchange has now taken another step to further distance itself from the sanctions-riddled market. In the latest instance, Binance has revealed plans to end support for the Russian ruble (RUB) on its peer-to-peer (P2P) trading platform.
No More RUB
In a blog post on Monday, December 11, Binance announced that it would no longer support ruble trading pairs on its P2P trading platform as part of its move away from Russia starting from 00:00 UTC, January 31, 2024, when it also plans to cease support for ruble deposits.
The exchange urged users who wish to continue using the service to switch to CommEx, which is taking over Binance’s business in Russia.
Alternatively, Binance noted that users can withdraw their rubles from the exchange or convert them to cryptocurrencies for other purposes before the set deadline.
Binance’s P2P service had been at the center of allegations that surfaced in August 2023 that the exchange had violated sanction rules against Russia. The Wall Street Journal alleged that the platform had enabled the movement of over $400 million abroad from sanctioned Russian banks. Binance initially denied this report.
On the Flipside
- Binance’s Russia exit has been questioned due to CommEx’s mysterious origins.
- Binance recently entered a $4.3 billion settlement agreement with the U.S. Department of Justice (DOJ) for money laundering and sanctions violations that saw Changpeng “CZ” Zhao step down as CEO.
- New Binance CEO Richard Teng has asserted that the exchange is committed to strengthening its compliance with regulations.
Why This Matters
Binance’s to end ruble support on its P2P platform further highlights the crypto exchange’s efforts to distance itself from the market.
Read this for more on Binance’s Russia troubles:
Binance Under Scrutiny for Enabling Russian Transfers Despite U.S. Sanctions
Learn more about the recent decline in inflows to crypto funds:
