Binance Closes Gates To Russian Ruble Deposits Post-Exit Plans
Portfolio Pulse from Khyathi Dalal
Binance (CRYPTO: BUSD) announced plans to exit Russia and will stop accepting Russian ruble deposits starting Nov. 15, 2023. Withdrawals in rubles will end on Jan. 31, 2024. Users are advised to transfer funds to CommEX, which acquired Binance's Russian division, for zero-fee ruble withdrawals. The move comes amid Western sanctions against Russia, and Binance denies any ties with CommEX post-acquisition. The off-boarding process for Russian users is expected to take up to a year.
November 10, 2023 | 7:05 pm
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NEGATIVE IMPACT
Binance's announcement to halt Russian ruble deposits and withdrawals may lead to a decrease in trading volume on the platform, potentially affecting the stability and liquidity of Binance USD (BUSD).
Binance's decision to stop accepting and facilitating ruble transactions could lead to a reduction in the user base and trading volume for Binance USD, especially if a significant portion of their business is tied to Russian traders. This could negatively impact the demand and perceived stability of BUSD in the short term.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80