Binance Fully Exits Russia, Suspends Withdrawals in January 2024

According to the latest update, Binance will terminate deposits of Russian ruble (RUB) on November 15 upon exiting the local market.

Ruble withdrawals remain available until the end of January 2024. Russian users with fiat holdings on the exchange are prompted to move their funds to CommEx with zero fees. CommEx exchange reportedly bought Binance’s Russian unit in September, but details on the company’s background have been kept under wraps. The company is allegedly owned by Binance.

Customers can alternatively opt to withdraw their funds via Binance’s fiat partners or use Binance Convert to swap their crypto or ‘trade Russian rubles for crypto on the Binance Spot market,’ per announcement.

In 2022, Binance imposed restrictions on ruble deposits via Visa cards and Mastercard following the EU sanctions on Russia. The exchange was said to reopen the service in April this year, but decided to completely exit Russia by the end of September with sale to CommEx.

Noah Perlman, Global Chief Compliance Officer at Binance, said in a statement, ‘As we look toward the future, we recognise that operating in Russia is not compatible with Binance’s compliance strategy.’ 

‘We remain confident in the long-term growth of the Web3 industry around the world and will focus our energy on the 100+ other countries in which we operate,’ the CCO added.