Binance Ends Bitcoin And Ethereum P2P Trading, But There’s A Catch

The world’s largest crypto exchange Binance on Monday mentioned it’s going to finish help for the Russian Ruble (RUB) P2P buying and selling pairs in January-end together with Bitcoin and Ethereum. The transfer comes after Binance entered into an settlement to promote everything of its newly established Russia enterprise to CommEx amid rising regulatory stress.

Binance To Discontinue Russian Ruble (RUB) Support on P2P

According to an official announcement on December 11, Binance revealed ending P2P help for the Russian Ruble (RUB) buying and selling pairs starting from January 31, 2024 at 00:00 (UTC).

Binance will take away P2P buying and selling pairs reminiscent of USDT/RUB, BTC/RUB, FDUSD/RUB, BNB/RUB, ETH/RUB, BUSD/RUB and RUB/RUB. This is a part of its exit from Russia and promoting the enterprise to CommEX. However, the off-boarding course of will take as much as one 12 months.

Users can proceed P2P buying and selling with Russian Ruble (RUB) freed from cost on CommEX. Also, customers might withdraw their Russian rubles via Binance’s fiat companions earlier than the deadline offered by the crypto alternate or convert their RUB into crypto by way of Binance Convert. This will be performed after connecting Binance account after registering on CommEX. 

In November, Binance began eradicating major crypto in RUB pairs reminiscent of ETH, BNB, XRP, ADA, SOL, MATIC, LTC, DOT, and BUSD. In addition, the alternate removes ALGO/RUB, ARB/RUB, ARKM/RUB, ARPA/RUB, NEAR/RUB, and WLD/RUB pairs.

Also Read: Crypto Market Selloff — Here’s Why BTC, ETH, XRP Prices Fell Sharply Today

Binance introduced its exit from Russia amid regulatory challenges and a U.S. DOJ investigation into cash laundering and sanction violations. Changpeng Zhao stepped down from the CEO place after Binance’s $4.3 billion settlement with the U.S. authorities.

Binance’s new CEO Richard Teng revealed a complete plan, sustaining Binance’s dominance within the crypto market and core values. He plans to commit the following few weeks to interviews, occasions, AMA classes, and extra.

Also Read: XRP Lawyer & Dogecoin Founder Slam Wikipedia’s Jimmy Wales Over Bitcoin Comment

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