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Binance P2P Trading Platform Halts Ruble Support Following Russia Exit

Customers are free to withdraw or transfer funds and continue trading via Binance Russia's new owner CommEX, the company said Monday.

By Sandali Handagama|Edited by Aoyon Ashraf

Updated Mar 8, 2024, 6:34 p.m. Published Dec 12, 2023, 3:41 p.m.

(Danny Nelson/CoinDesk)

Binance is ending support for the ruble on its peer-to-peer (P2P) trading platform as the firm exits Russia, according to a Monday announcement.

Ruble's support on Binance P2P ends on Jan. 31 of next year, but customers can either withdraw their funds before the date or transfer funds to CommEX, Binance Russia's new owner, to continue trading.

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In September, the world’s largest crypto exchange said it was fully exiting the market and selling its local business to CommEX, which was seemingly launched a day before the sale agreement was announced. The scrutiny over the sale prompted Binance founder Changpeng "CZ" Zhao to clarify he was not the owner of CommEX in the days following the news.

The company said in September that it was leaving Russia because being active in the country didn't align with Binance's compliance strategy.

Binance recently agreed to pay $4.3 billion to U.S. authorities to settle several charges, including one related to sanctions law. Zhao stepped down as the company's CEO as part of the deal.

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Sandali Handagama

Sandali Handagama is CoinDesk's deputy managing editor for policy and regulations, EMEA. She is an alumna of Columbia University's graduate school of journalism and has contributed to a variety of publications including The Guardian, Bloomberg, The Nation and Popular Science. Sandali doesn't own any crypto and she tweets as @iamsandali