Huobi, the global crypto exchange leader, announced supporting the Russian Ruble (RUB) in collaboration with AdvCash – a leading fiat and crypto payment solutions provider. This will allow the users to deposit and withdraw Russian rubles (RUB) on their platform.
Users can now purchase popular cryptocurrencies like BTC, ETH, LTC, USDT, HT, etc., with the ruble. A minimum deposit and withdrawal limits for RUB are 200 RUB, whereas the maximum is 100,000 RUB and 50,000 RUB, respectively. Users can easily do the transaction by AdvCash, where they are supposed to submit necessary identity details for verification before completion.
To deposit or withdraw rubles on Huobi, users will have to complete and verify with Know Your Customer checks (KYC) if it has not been done earlier. Users who will perform transactions in RUB during the promotion period will save 0.99% and 2.49% on deposit and withdrawal fees. If we see, Huobi has been trying to expand in Russian Market as in September 2020; it had launched a trading app in Russia as 10% of Huobi’s total spot trading volume is from there.
In an earlier covering by Todayq News, Russia’s State Duma expects an increase in crypto issuance after adopting new Crypto laws. “On Digital Financial Assets” law passed in July 2020 makes Russia’s State Duma anticipate an increase in cryptocurrencies issuance in the local market in 2021. This law legalizes crypto but bans people from using cryptocurrencies like Bitcoin as a payment mode.