Binance, a cryptocurrency exchange, is progressing with its exit from Russia and will stop accepting deposits in Russian rubles starting Nov. 15, 2023. Users are advised to withdraw their rubles from the platform before Jan. 31, 2024. An alternative option is to transfer their funds to CommEX, a crypto exchange business that acquired Binance’s Russian division in September 2023. Binance’s fiat partners will also allow users to convert RUB to cryptocurrency with a fee of up to 1%.
The transaction between Binance and CommEX has sparked controversy as little information about the size of the deal or the founders of CommEX was provided. Some observers have speculated that CommEX was just a new name for Binance, enabling it to continue operating in Russia without being affected by Western sanctions. Binance, however, has denied those claims and stated that it has “no plans to get back” into Russia.