The Binance cryptocurrency exchange is preparing to leave Russian territory, so this Friday it issued a statement to its clients warning that it will no longer accept deposits in the local currency, the Russian ruble (RUB).

The statement states that the cryptocurrency trading platform has decided to stop its operations in Russia, but will allow withdrawals until a later date.

It is important to remember that at the beginning of 2023 Binance “announced its plans to leave Russia and expel Russian users, selling its entire Russian branch to CommEX, another digital asset company.”

This transaction represented a turn in the cryptocurrency landscape in Russia. One of the immediate consequences is the suspension of deposits in Russian ruble starting this November 15 at 00:00 UTC. Regarding the withdrawal of funds, an aspect that worries all users of the platform, these will remain “available until January 31, 2024.”

While “users with fiat balance reserves in Russian rubles are free to transfer their funds to the CommEX platform without being subject to any transaction fees,” the company notes.

M.Pino

Source: cripto247

(Reference image source: Unsplash+, in collaboration with Alexander Mils)

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La entrada Binance prepares to leave Russia apareció primero en Bitfinance.

The leading global cryptocurrency platform, Binance, made public its withdrawal from the Russian market and the transfer of its operations in the country to the Russian firm CommEX. This process is projected to take approximately one year.

In an official statement, Binance announced the complete sale of its activities in Russia to CommEX, in order to ensure a smooth transition for its current users and, simultaneously, safeguard the full security of said users’ assets.

The financial details of this operation have not been disclosed by the company, thus emphasizing its total withdrawal from the Russian market and highlighting that no buyback option is contemplated in this agreement.

Binance executive Noah Perlman explained in the statement that the continuity of operations in Russia, especially in the context of the conflict in Ukraine, was no longer in line with the compliance strategy of the cryptocurrency platform founded by Chanpeng Zhao.

Binance, based in Delaware, United States, assured that the user migration process will develop gradually and orderly. Both cryptocurrency companies will collaborate closely to provide guidance to users during the transfer of their assets to CommEX.

K. Tovar

Source: Descifrado

(Reference image source: Unsplash+)

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La entrada Binance officially quits Russian market apareció primero en Bitfinance.