This decision comes after Binance sold its Russian operations to CommEX, a new digital asset exchange that emerged in September 2023. Users holding RUB on Binance are encouraged to transfer their funds to CommEX without incurring any transaction fees. CommEX has offered zero-fee withdrawals for RUB as part of its acquisition deal. Additionally, users can still utilize Binance’s fiat partners to withdraw their funds through the Convert tool or trade RUB on the Binance Spot Market until the January deadline. However, the fees for these services have not been disclosed.
The sale of Binance’s Russian division sparked controversy amid concerns that CommEX might be a rebranded version of Binance aiming to bypass Western sanctions imposed on Russia. These suspicions were heightened due to the hiring of former Binance executives by CommEX and the absence of clear information regarding the deal’s size or the identities of CommEX’s founders. Despite these claims, Binance has firmly denied any ongoing relationship with CommEX and has stated that it does not intend to re-enter the Russian market.
In related developments within the crypto space, there was notable activity involving Ripple (XRP), as large amounts of the cryptocurrency were moved among major holders. This occurred alongside rumors about a potential initial public offering (IPO) for Ripple. Furthermore, a coalition consisting of 50 countries has committed to swiftly implement a new cryptocurrency reporting framework, signaling a growing global effort to regulate digital assets.
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Source: Cryptocurrency - investing.com
