Binance will close its operations with Russian rubles

In a statement, the international exchange with the largest volume of transactions, Binance, announced the cessation of person-to-person (P2P) transactions involving payments in Russian rubles, as well as the suspension of deposits in that currency on its trading platform.

The Binance team officially announced that it will withdraw support for trading operations with Russian rubles via P2P as of January 31, 2024, as well as the suspension of deposits in this currency. In addition, all trading pairs on the exchange involving the Russian ruble will be suspended, forcing users to use other currencies for trading.

Users have the option to withdraw their rubles from the platform or exchange them for other cryptocurrencies before the set deadline.

The move comes amid growing regulatory pressure on Binance, which recently reached an agreement with the U.S. Department of Justice (DOJ). The agreement involves the payment of fines totalling $4.3 billion to settle irregularities and crimes committed during the administration of former CEO Changpeng Zhao.

The charges include capital flows linked to criminal activities and terrorist organizations, money laundering, and serious violations of U.S. laws in the provision of goods and services. The complaint also states that Binance facilitated the transfer of more than $400 million internationally, funds belonging to Russian banks sanctioned due to Russia’s actions against Ukraine.

The agreement provides for the payment of fines to the Treasury Department and resolves the dispute with the Commodity Futures Trading Commission (CFTC). However, the pending dispute with the Securities and Exchange Commission (SEC) is not affected by this agreement.

K. Tovar

Source: Diariobitcoin

(Reference image source: Kanchanara, Unsplash)

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