End of Ruble Trading: Binance’s P2P Platform

Effective from January 31, 2024, 00:00 UTC, Binance‘s P2P platform will cease its trading operations involving the Russian ruble.

Users are advised in a statement to withdraw funds in rubles via the exchange’s fiat partners, convert them to cryptocurrencies through Binance Convert, or trade them on the spot market. Additionally, users can place ruble orders on CommEX, the entity that now manages Binance’s Russian operations.

“To engage in P2P trading through CommEX, simply register or log into the CommEX account and link it to the corresponding Binance account. Once the connection is established, users can transfer their assets from Binance to CommEX and continue P2P trading using the Russian Ruble (RUB) on CommEX.”

Binance’s departure from Russia was announced in September, with the sale of its business to CommEX. The platform assured Russian users of a phased transition to another platform over the span of approximately a year. Compliance with regulatory standards for exiting Russia was cited as the reason for the move. Previous reports hinted at the U.S. Department of Justice (DoJ) investigating Binance for potential violations of sanctions against Russia.

Deposits in Russian rubles were halted by Binance on November 15, while withdrawals will continue until January 31, 2024. On November 20, the exchange removed ruble pairs associated with major cryptocurrencies.

Furthermore, Binance terminated its partnership with the Advcash payment system. Reports suggest this decision was prompted by clients moving funds from sanctioned Russian banks through this gateway.