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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La entrada Binance will close its operations with Russian rubles apareció primero en Bitfinance.

A few days before the third monetary reconversion in Venezuela, the economist José Ricardo Salazar points out that the single advantage that this new change brings is the simplification of transactions. He assures that payment processes will be facilitated because it will not be necessary to include the number of zeros “that the machines no longer support, and that will make operations faster.“

Salazar argues that this process must be accompanied by a “robust economic recovery plan because otherwise Venezuela will not get out of the situation it is in.” Reconversion by itself and in isolation will not “yield positive results for the country,” he said.

He emphasizes that the loss of the value of the currency is currently very accelerated, which complicates and exacerbates the reconversion that will take effect on October 1st. The economist recalled that the first conversion process was in 2008 and ten years later the second was carried out.

However, just three years from later the government has to apply the elimination of zeros to the currency again. “It may not last even two years due to the loss of value of the currency” that is occurring in the country.

For Salazar there is no kind of expectation because the country has “two serious problems. First, the fall in gross domestic product for 25 consecutive quarters and hyperinflation. That is not going to be solved with the makeup they are trying to do by taking 6 zeros out of the coin,” he pointed out.

M. Rodríguez

Source: primicia.com.ve

La entrada New currency expression will simplify transactions apareció primero en Bitfinance.