Binance to Discontinue P2P for Russian Users

Binance, one of the world’s largest cryptocurrency exchange platforms, has announced the discontinuation of its Russian Ruble (peer-to-peer) trading pairs on its platform. 

As per the official announcement, trade for the Russian Ruble including USDT/RUB, BTC/RUB, FDUSD/RUB, BNB/RUB, and RUB/RUB will cease on the platform from January 31, 2024. Consequently, users can either convert their assets in Russian ruble into other digital assets on Binance Convert, withdraw the same via its fiat partners, or exchange them on the spot market.

By discontinuing P2P trading services to Russian users, Binance aims to ensure compliance with local regulations and foster a transparent and secure trading environment. Notably, Binance’s move underscores its commitment to operating within the bounds of law and working proactively with regulators to create a sustainable ecosystem.

Binance Russian Users to Continue Trading P2P on CommEX

According to Binance, users can continue P2P trading with the Russian Ruble without cost on the CommEX platform. Recall that after its decision to, sunset all exchange activities in Russia, Binance reached an agreement to sell all of its Russia business to CommEX.

Binance has long been a prominent player in the crypto industry, offering a vast array of trading options for users worldwide. However, like many crypto exchanges, its operations have not been without controversies and regulatory challenges.

Binance Exchange Contemplates Leaving Russia Entirely

Recall that in August, reports showed that the exchange is contemplating leaving the Russian market. The exchange reportedly started exploring various alternatives for its operations in Russia amid legal uncertainties and regulatory challenges. 

The exchange’s operations in Russia, in particular, have come under scrutiny recently, prompting a comprehensive assessment of its future in the Russian market.

Binance Legal Woes

Binance has found itself embroiled in a series of legal challenges that have raised questions about its compliance with international laws and regulations. One of the most recent concerns is the exchange’s involvement in facilitating the movement of funds from Russia to other countries.

A report by the Wall Street Journal revealed that the exchange was allegedly aiding individuals in Russia to transfer money abroad. This revelation came amidst ongoing investigations by the DOJ, examining whether Binance had been utilized by Russian entities to evade U.S. sanctions.

In March, the CFTC filed a lawsuit against Binance, alleging that the exchange had allowed U.S. residents to trade crypto derivatives without adhering to the necessary regulatory requirements. 

In a subsequent blow, the SEC also filed a lawsuit against Binance and its ex-CEO Changpeng ‘CZ’ Zhao for allegedly offering unregistered securities to U.S. residents.