The world’s largest crypto exchange Binance on Monday said it will end support for the Russian Ruble (RUB) P2P trading pairs in January-end including Bitcoin and Ethereum. The move comes after Binance entered into an agreement to sell the entirety of its newly established Russia business to CommEx amid rising regulatory pressure.

Binance To Discontinue Russian Ruble (RUB) Support on P2P

According to an official announcement on December 11, Binance revealed ending P2P support for the Russian Ruble (RUB) trading pairs starting from January 31, 2024 at 00:00 (UTC).

Binance will remove P2P trading pairs such as USDT/RUB, BTC/RUB, FDUSD/RUB, BNB/RUB, ETH/RUB, BUSD/RUB and RUB/RUB. This is part of its exit from Russia and selling the business to CommEX. However, the off-boarding process will take up to one year.

Users can continue P2P trading with Russian Ruble (RUB) free of charge on CommEX. Also, users may withdraw their Russian rubles through Binance’s fiat partners before the deadline provided by the crypto exchange or convert their RUB into crypto via Binance Convert. This can be done after connecting Binance account after registering on CommEX. 

In November, Binance started removing major crypto in RUB pairs such as ETH, BNB, XRP, ADA, SOL, MATIC, LTC, DOT, and BUSD. In addition, the exchange removes ALGO/RUB, ARB/RUB, ARKM/RUB, ARPA/RUB, NEAR/RUB, and WLD/RUB pairs.

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Binance announced its exit from Russia amid regulatory challenges and a U.S. DOJ investigation into money laundering and sanction violations. Changpeng Zhao stepped down from the CEO position after Binance’s $4.3 billion settlement with the U.S. authorities.

Binance’s new CEO Richard Teng revealed a comprehensive plan, maintaining Binance’s dominance in the crypto market and core values. He plans to commit the next few weeks to interviews, events, AMA sessions, and more.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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