- According to an official announcement on December 11, Binance plans to terminate P2P support for Russian Ruble (RUB) trading pairs starting from January 31, 2024.
- In November, Binance had started removing major cryptocurrencies from RUB pairs, such as ETH, BNB, XRP, ADA, SOL, MATIC, LTC, DOT, and BUSD.
- Due to regulatory challenges and the U.S. Department of Justice investigation into money laundering and sanction violations, Binance decided to exit the Russian market.
The world’s largest cryptocurrency exchange, Binance, released a new announcement regarding its P2P trading service, disclosing the pairs it will delist.
Binance Reveals Pairs to Delist in P2P
The world’s largest cryptocurrency exchange, Binance, announced on Monday that it would end support for P2P trading pairs involving the Russian Ruble (RUB), including Bitcoin and Ethereum, at the end of January. This move comes after Binance’s decision to sell its Russian business to CommEx as regulatory pressure on Binance has increased.
According to an official announcement on December 11, Binance plans to terminate P2P support for Russian Ruble (RUB) trading pairs starting from January 31, 2024. Binance will delist P2P trading pairs such as USDT/RUB, BTC/RUB, FDUSD/RUB, BNB/RUB, ETH/RUB, BUSD/RUB, and RUB/RUB. This is part of the process of Binance’s exit from Russia and selling its business to CommEX, although this exit process may take up to a year.
Users can continue to engage in free P2P trading with the Russian Ruble (RUB) through CommEX. Additionally, users can withdraw their Russian rubles via Binance’s fiat partners within the specified period set by the crypto exchange or convert their RUB to cryptocurrency through Binance Convert after linking their Binance account upon registering with CommEX.
In November, Binance had started removing major cryptocurrencies from RUB pairs, such as ETH, BNB, XRP, ADA, SOL, MATIC, LTC, DOT, and BUSD. The exchange also delisted ALGO/RUB, ARB/RUB, ARKM/RUB, ARPA/RUB, NEAR/RUB, and WLD/RUB pairs.
Binance Decides to Exit Russia
Binance decided to exit Russia due to regulatory challenges and the U.S. Department of Justice’s investigation into money laundering and sanction violations. Following a $4.3 billion deal with U.S. authorities, Changpeng Zhao stepped down from the CEO position.
Binance’s new CEO, Richard Teng, outlined a comprehensive plan aiming to maintain Binance’s dominance in the crypto market and uphold its core values. The next few weeks will be dedicated to interviews, events, AMA sessions, and more.
