Cryptocurrency exchange giant Binance is moving forward with its withdrawal from Russia, announcing plans to stop accepting deposits in Russian rubles as of Nov. 15, 2023. The company is also preparing to end all ruble withdrawals by Jan. 31, 2024, encouraging users to take action before the deadline.
In a statement released on Friday, Binance urged users to withdraw their rubles, outlining alternative options such as transferring funds to CommEX, the new crypto exchange that acquired Binance’s Russian operations in September 2023. CommEX will offer zero-fee withdrawals in rubles, providing an additional incentive for users to switch platforms.
Other withdrawal methods include using Binance’s fiat partners, which enable users to convert rubles into cryptocurrency through the platform’s “Convert” tool or by trading on Binance’s Spot Market. However, ruble withdrawals through these partners will incur fees of up to 1%, according to a spokesperson.
Binance’s departure from Russia has sparked speculation and controversy. The sale of its Russian division to CommEX, a newly launched exchange, has raised questions about the transparency of the deal, with critics alleging that CommEX might be a rebranded arm of Binance. Observers point to the hiring of key former Binance executives by CommEX as evidence of possible continued ties.
Despite the rumors, Binance has consistently denied any connection with CommEX. A company representative reaffirmed, “With this sale, Binance fully exits Russia. We have no plans to return.”
This development marks the conclusion of Binance’s operations in Russia amid increased scrutiny and pressure related to Western sanctions.
