Binance will stop supporting the Russian ruble

The world’s largest cryptocurrency exchange Binance Binance.com/en/support/announcement/notice-regarding-the-discontinuation-of-russian-ruble-rub-support-on-binance-p2p-301 6096ace174be381fa22b6636e2c5f">announced the discontinuation of transactions with the Russian ruble on its P2P platform, following the decision to stop servicing cryptocurrency investors in Russia and sell the company’s business to the CommEX platform.

Effective January 31, 2024, Binance’s P2P platform will no longer support transactions in rubles (RUB), including the following trading pairs: USDT/RUB, BTC/RUB, FDUSD/RUB, BNB/RUB, ETH/RUB, BUSD/RUB, and RUB/RUB.

Peer-to-peer trading, or p2p, is a transaction in which traders exchange cryptocurrencies with each other, and the platform guarantees their transactions. At the end of August, Binance banned p2p transactions with any currency other than the ruble for clients from Russia. A month later, Binance announced its complete withdrawal from the terrorist country.

«As we look to the future, we realize that operating in Russia is incompatible with Binance’s compliance strategy ,» said Noah Perlman, Binance’s chief compliance officer, in late September. «We remain confident in the long-term growth of the Web3 industry globally and will focus our energies on the more than 100 countries in which we operate.»

Regarding the situation at Binance, the exchange’s former CEO Чанпен Чжао" href="https://noworries.news/biography/chanpen-chzhao/" data-bio-id="3681">Changpeng Zhao pleaded guilty to one count of violating the Bank Secrecy Act. This is due to Binance’s involvement in a global criminal campaign. After the U.S. Department of Justice filed the relevant documents with the court, rumors about Zhao's possible imprisonment for 10 years appeared online. Zhao’s trial is scheduled for February 23, 2024.