Binance cautions Russians to take out assets
(MENAFN) In a significant development, Binance, the world's largest cryptocurrency exchange, has reportedly issued last-call notifications to its Russian user base, urging them to complete the off-boarding process and withdraw their funds from the platform by December 29, as reported by RBK daily on Thursday.
The exchange has cautioned users that all existing ruble deposits will be gradually phased out after the specified deadline, emphasizing the need for Russian cryptocurrency users to transfer their accounts and withdraw their funds from Binance. The recommended destinations include the recently-launched exchange, CommEX, or any other crypto platform of the users' choice.
Binance's technical support, speaking to RBK, clarified that notifications were specifically sent to users whose "location is temporarily or permanently determined [to be] on the territory of the Russian Federation." This move aligns with Binance's announcement in November that it would cease providing Russian ruble deposits as part of its decision to exit the sanctioned Russian market.
The decision to divest its Russia business and comply with Western sanctions was initially disclosed by Binance in September. CommEX emerged as the buyer for Binance's Russian operations, with the transition set to unfold gradually over several months. This strategic move by Binance coincided with reports of a United States Department of Justice inquiry into whether Russian customers could access the exchange, potentially violating United States sanctions.
The cryptocurrency landscape in Russia has witnessed increased activity as citizens turned to crypto exchanges, particularly after Western restrictions severed Russian banks from global payment networks. Binance's exit from the Russian market adds another layer of complexity to the evolving dynamics of cryptocurrency regulations and compliance on the global stage. As users navigate the transition to alternative platforms, the broader implications of Binance's strategic decisions continue to reverberate within the crypto community.
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