One of the world’s largest cryptocurrency exchanges, Binance, has once again garnered attention as it plans to discontinue the Russian ruble (RUB). On December 11, 2023, the exchange announced its decision to withdraw from Russia, with the sale of its P2P trading services to CommEX.
Binance collaboration with CommEX for a seamless transition
According to a recent blog post by Binance, starting from January 31, 2024, Binance P2P will no longer support trading pairs involving the Russian Ruble (RUB), including popular pairs such as BTC/RUB, USDT/RUB, BNB/RUB, ETH/RUB, and others. However, the primary reason behind Binance’s potential exit from Russia remains unknown. This significant development by Binance occurs amidst the ongoing bull run, with major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and others experiencing significant surges.
To facilitate a smooth transition for its users, Binance has partnered with CommEX, a reliable cryptocurrency exchange, to ensure seamless migration of P2P trading services involving the Russian Ruble. Binance suggests that users can continue trading RUB free of charge on the CommEX platform.
Binance’s decision signifies a strategic shift in its global operations, with CommEX set to take over P2P trading involving the Russian Ruble. Users are encouraged to make necessary adjustments before the deadline to ensure a seamless transition and an uninterrupted trading experience.
Temporary suspension of AEUR-related pairs and compensation plan
Additionally, on December 6, 2023, Binance took proactive measures to protect users from risks by temporarily suspending trading for AEUR-related pairs, including AEUR/USDT, BTC/AEUR, ETH/AEUR, and EUR/AEUR, due to a sudden 200% surge in AEUR’s price. While spot trading is temporarily halted, deposits and withdrawals for AEUR remain unaffected.
Recognizing the community’s strong interest in AEUR, Binance is collaborating with the AEUR project team to create a compensation plan. Eligible users can expect to receive compensation within 72 hours of the announcement, addressing the impact of the trading suspension.
