Binance, one of the world’s leading cryptocurrency exchanges, has decided to withdraw from the Russian market by selling its assets to CommEX. As a result, Binance will be discontinuing Russian ruble (RUB) deposits on their platform by November 15, 2023, and withdrawals will be available until January 31, 2024. This move by Binance has left many Russian users searching for alternatives to continue their crypto trading.
Transferring funds to CommEX
As part of the agreement between Binance and CommEX, Binance users holding a fiat balance in Russian rubles may transfer their funds to the CommEX platform without fees. To transfer funds to CommEX, users have to register for a CommEX account or log into an existing account and connect it to their corresponding Binance account. Once the connection is made, users may transfer their Russian rubles from Binance to CommEX.
Withdrawing RUB via Binance’s fiat partners
Another option for Binance users is to withdraw their Russian rubles via Binance’s fiat partners before the November 15th deadline. This withdrawal method involves converting RUB into fiat currency and withdrawing the funds to the user’s bank account. To use this option, users have to select the ‘Fiat’ option on Binance and choose their preferred fiat partner to complete the withdrawal process.
Converting RUB into crypto on Binance Convert
Binance users may also convert their Russian rubles into crypto using Binance’s Convert feature. This option enables users to convert their fiat currency into crypto without having to transfer funds to another cryptocurrency exchange. However, users should note that this option may attract conversion fees.
Trading RUB for crypto on the Binance Spot market
Lastly, Binance users may still trade their Russian rubles for crypto on the Binance Spot market before the deadline. The spot market is where users can buy and sell cryptocurrencies at the prevailing market price. Users may choose from the various cryptocurrencies available on the platform to trade with their RUBs.
Binance’s decision to move away from the Russian market has complicated matters for Russian users of the platform. However, there are still various options available for them to continue trading cryptocurrencies, including transferring funds to CommEX, withdrawing RUB via Binance’s fiat partners, converting RUB into crypto on Binance’s Convert feature, or trading RUB for crypto on the Binance Spot market. Users should assess these options and decide which one suits their needs best.