Binance, the world’s leading cryptocurrency exchange, announced that it has stopped various P2P trading pairs containing the Russian ruble (RUB), effective January 31, 2024. This decision follows Binance’s strategic move to exit the Russian market, having sold its local business to crypto platform CommEX. Here are the details…
Binance delists pairs with Russian ruble
Affected P2P trading pairs include BTC/RUB, ETH/RUB, USDT/RUB, BNB/RUB, FDUSD/RUB, BUSD/RUB and RUB/RUB. Binance users who trust these pairs are encouraged to switch to the CommEX platform, where they can continue P2P trading with Russian rubles for free. To migrate, users need to sign up for a CommEX account and link it to their respective Binance accounts.
Alternatively, Binance offers users the option to withdraw Russian rubles through fiat partners before January 31, 2024. Users can also convert their RUB into digital assets using the Binance Convert feature or exchange RUB for various cryptocurrencies on the Binance Spot market. Binance’s decision to exit the Russian market stems from its sale to CommEX and facilitates a smooth transition for users who wish to continue trading in Russian rubles. By linking their Binance and CommEX accounts, users can transfer assets and conduct P2P trading on the CommEX platform.
Are there other migration options?
In addition to migration options, Binance recommends users explore CommEX to continue trading rubles or leverage fiat partners for withdrawals. This strategic move is in line with Binance’s effort to provide users with various ways to effectively manage their assets. Despite withdrawing from certain trading pairs, Binance continues to expand its offerings. Recently, the platform added PIVX (PIVX) as a new borrowable crypto asset on both Cross Margin and Isolated Margin. Major trading pairs such as ADA/FDUSD and DOGE/FDUSD are also included in the Isolated Margin program.
The expansion of Binance’s Margin Trading program allows eligible clients to access funds from the exchange for leveraged trades, offering the potential for higher profits and greater risk. Investors should be careful as margin trading carries the possibility of significant losses if the market moves negatively. Binance’s decision to discontinue support for Russian ruble trading pairs reflects its strategic realignment in the ever-evolving cryptocurrency world. Users are encouraged to explore the migration options provided by Binance to ensure their trading activities continue smoothly.
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