Binance, the world’s largest cryptocurrency exchange, has announced that it will no longer support trading pairs involving the Russian Ruble (RUB) on its platform starting from January 31, 2024. This decision is part of Binance’s strategy to exit the Russian market after selling its local division to CommEX.
Earlier this year, Binance faced scrutiny from the US Treasury’s Office of Foreign Asset Control (OFAC) for allegedly facilitating transactions with sanctioned Russian entities following the invasion of Ukraine. As a result, Binance sold its Russian exchange to CommEX.
In a notice, Binance stated that its peer-to-peer (P2P) platform will no longer support RUB trading pairs. The exchange aims to enhance its compliance efforts by completely ending support for the Russian Ruble.
However, users can still conduct ruble trades fee-free on CommEX using their Binance accounts. Before the deadline, Binance allows users to withdraw rubles via fiat partners, convert them to cryptocurrencies, or trade them on the Binance spot market.
This move by Binance is part of its broader effort to scale back services associated with Russia as global regulators increase pressure on centralized cryptocurrency exchanges to strengthen anti-money laundering controls and prevent sanctions evasion.
It is worth noting that Binance recently settled with OFAC for $3.4 billion in fines related to apparent violations of multiple sanctions programs. As part of the settlement agreement, Binance has implemented significant remedial measures, including revamped compliance policies and procedures, mandatory KYC verification for all users, and periodic customer reviews.
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| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇺🇦 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | None |
| Companies | Binance, US Treasury’s Office of Foreign Asset Control (OFAC), CommEX |
| Currencies | Russian Ruble |
| Securities | None |
