Binance to Stop Russian Ruble Deposits and Withdrawals, Prepares Its Full Exit from Russia

Crypto exchange giant Binance officially announced last Friday (November 10) that it will stop accepting Russian ruble deposits starting from November 15, 2023, and is expected to terminate ruble withdrawals on January 31, 2024.

In the announcement, the exchange suggested users withdraw their rubble deposits as soon as possible. It noted that clients can transfer their funds to the newly crypto exchange, CommEX, which acquired the entirely of Binance's Russian business, and then withdraw their assets with zero fee.

Besides, clients can also withdraw funds through Binance's fiat partners, which will enable them to exchange rubles into cryptocurrencies.

On September 27, 2023, Binance annoucned that it had reached an acquisition deal with CommEX​ and would completely quit the Russian market. However, some crypto observers speculated that CommEX might be a new name used by Binance to operate in Russia, in order to avoid the impact of Western sanctions on Russia on its business.

Binance denied its potential connection with CommeEXa and said: "With this sale, Binance fully exits Russia. We have no plans to get back."

In the middle of last month, the crypto giant stopped its direct US dollar withdrawals​ from its platform amid increasing regulatory pressure.