Binance Halts Russian Ruble Deposits Amid Western Sanctions

Binance announces the termination of Russian ruble deposits from Nov 15, 2023, amidst major regulatory challenges.

Changpeng Zhao Standing behing a huge pile of Russian Ruble, signaling that he doesn't want it.
Created by Gabor Kovacs from DailyCoin
  • Binance halts RUB deposits amidst evolving global regulations.
  • Withdrawal deadline set for withdrawals.
  • Binance ends its partnership with Advcash.

Major exchanges increasingly find themselves as a geopolitical target in the ever-shifting crypto landscape. Recently, Binance announced its decision to cease accepting deposits in Russian rubles (RUB), a move amid escalating global sanctions against Russia due to the ongoing conflict with Ukraine. 

Binance Ends Russian Ruble Deposits Amid Sanctions

Binance, the world’s largest crypto exchange, announced on Friday, November 10, its decision to stop accepting deposits in Russian rubles. This step comes after increased scrutiny amid global sanctions against Russia over its ongoing invasion of Ukraine and after Binance cut ties with the local CommEX exchange.

This move comes after Binance dissolved its partnership with Advanced Cash (Advcash), a key payment processor connecting Russian banks. This decision also highlights the growing pressure on crypto exchanges to comply with sanctions against Russia. 

The termination of RUB deposits is set to begin on November 15, 2023. Binance has also provided a withdrawal deadline of January 31, 2024, for Russian users. This timeline is crucial as it offers a clear window for users to manage their funds and plan their future transactions.

Analysis and Context on Binance’s Blocking Rubles

The decision by Binance to halt Russian ruble deposits is closely intertwined with the broader narrative of cryptocurrencies in the context of international sanctions. In recent years, there has been growing scrutiny over the role of digital currencies in potentially circumventing sanctions, especially those imposed on Russia due to its ongoing conflict with Ukraine.

Digital currencies, due to their decentralized nature, have been accused of providing an avenue for individuals and entities to bypass international sanctions. This concern has been particularly pronounced in Russian entities, where crypto assets enable some firms to circumvent major financial institutions. 

On the Flipside

  • Cryptocurrency has played a role in financing Ukraine’s defense, especially in the early stages of the conflict.  
  • Reports show that many refugees from the Ukraine conflict or from Russia used their crypto wallets to take their life savings with them. 

Why This Matters 

The use of cryptocurrencies in the context of international sanctions highlights the political dimensions of digital finance. How countries and international bodies regulate and respond to crypto will shape the industry’s role in global politics. 

Read more about Binance cutting ties with CommEX. 
Binance to Axe Ruble Partner Amid Disputed Russia Exodus

Read more about the SEC Chair’s remarks that sent the FTT token soaring:
FTX Revamp Possible Within Bounds, Says SEC Chair Gensler

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

David Marsanic

David Marsanic is a journalist for DailyCoin who covers the intersection of crypto, traditional finance, and government. He focuses on institutionalized crypto entities like major cryptocurrency exchanges and Solana, breaking down complex topics into easy-to-understand writing. David's prior experience as a business journalist at various crypto and traditional news sites has enabled him to maintain a critical approach to news while adhering to high journalistic integrity standards.