The world’s largest crypto exchange, Binance, will stop servicing transactions in rubles from February 1, RBC reports.
The cessation of ruble operations is due to the departure of Binance from Russia and the transfer of its local assets to the CommEX exchange. Binance will close all services with Russian rubles, including the ability to purchase and sell cryptocurrency. Users must invest in other assets, transfer rubles to another currency, or withdraw funds from their account by January 31 inclusive.
On February 1 at 11:00 ruble accounts will be converted into FDUSD stablecoins at the current rate. Two days before this, on January 30, the exchange will exclude trading pairs with the ruble in order to completely stop the circulation of the Russian currency.
Earlier, Binance announced the closure of ruble transactions on the p2p platform.
In March 2023, the exchange limited the purchase of foreign currency for Russians due to EU sanctions. Users from other countries were prohibited from conducting transactions in rubles. At the same time, the company emphasized that commission-free transactions with Russian currency will be available to clients on the CommEX platform.
In 2022, the European Union introduced the eighth package of sanctions against Russia against the backdrop of the Ukrainian conflict. The sanctions, among other restrictions, included a ban on Russians storing cryptocurrency in European wallets. Russian cryptocurrency holders used it to transfer funds abroad instead of VISA and MasterCard cards that were disconnected from the SWIFT system.
Source: Rosbalt
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