Cryptocurrency exchange Binance is progressing with its exit from Russia and is preparing to terminate local currency deposits next week.
Binance will stop accepting deposits in Russian rubles starting Nov. 15, 2023, the firm officially announced on Friday. Binance also advised users to withdraw RUB from the platform, as it expects to terminate RUB withdrawals on Jan. 31, 2024.
The announcement notes that Binance users can transfer their funds to CommEX, a new crypto exchange business that acquired Binance’s Russian division in September 2023. Binance noted that RUB withdrawals on CommEX will be zero-fee.
Other withdrawal options include Binance’s fiat partners, which will allow users to convert RUB to cryptocurrency using the “Convert” tool or just exchange on the Binance Spot Market.
Binance didn’t specify the fees for other withdrawal methods. The firm did not immediately respond to Cointelegraph’s request for comment.
Binance announced its full exit from Russia through the sale of its firm to a newly launched crypto exchange business known as CommEX in late September 2023. The transaction quickly sparked controversy, as Binance and CommEX have not provided much information about the size of the deal or the founders of CommEX.
Many crypto observers have speculated that CommEX was just a new name for Binance, giving it a means for the exchange to continue operations in Russia without having issues with Western sanctions against the country. The skeptics have found significant evidence for such claims, including CommEX hiring prominent former Russia-related executives from Binance.
Binance continued to deny the allegations of possible ties between the platform and CommEX, though. “With this sale, Binance fully exits Russia. We have no plans to get back,” a spokesperson for Binance told Cointelegraph.
There are more tough choices to come on Ukraine and Britain must “lead from the front”, Sir Keir Starmer has said.
The prime minister gave a statement in parliament after he unveiled proposals for a “coalition of the willing” to enforce any peace deal in the war-torn country, and announced a plan for Kyiv to use £1.6bn of UK export finance to buy 5,000 more air defence missiles.
He said the “tough choices that we made last week are not done” and a “lasting peace” in Ukraine “has to be our goal”.
“Britain will lead from the front for the security of our continent, the security of our country, and the security of the British people,” he said.
It follows a hectic week of diplomacy for Sir Keir, during which he held talks with Donald Trump in the White House on Thursday, hosted Ukraine’s president in Downing Street on Saturday and then a wider summit of world leaders on Sunday.
Sir Keir said the showdown is something “nobody wants to see” but he would not pick a side.
He called America an “indispensable” ally, adding: “We will never choose between either side of the Atlantic
Image: Zelenskyy and Starmer. Pic: PA
“In fact, if anything, the past week has shown that that idea is totally unserious because while some people may enjoy the simplicity of taking a side, this week has shown with total clarity that the US is vital in securing the peace we all want to see in Ukraine.”
In front of the world’s cameras on Friday, Mr Trump accused the Ukrainian president of “disrespecting” the United States and “gambling with World War Three” after he expressed scepticism that Vladimir Putin could be trusted to honour ceasefire agreements.
It has intensified fears among some Western leaders that the US cannot be relied upon to continue supporting Ukraine, or provide a security guarantee to deter the Russian leader if a peace deal is struck.
After the PM’s statement, Liberal Democrat leader Sir Ed Davey said the UK needs to “reduce our dependency on the United States” as he fears President Trump is “not a reliable ally with respect to Russia”.
However, many other opposition politicians have praised Sir Keir’s diplomacy this week, with Tory leader Kemi Badenoch backing the prime minister for “working with allies in Europe and with the United States to bring peace to Ukraine and not a surrender to Russia”.
Sir Keir has been positioning himself as a peace broker between the US and Europe following Mr Trump’s ascension to the White House and his clear indication he no longer wants to bankroll NATO’s defence.
He has suggested a coalition of European allies could step up and defend a potential deal for Ukraine to “guarantee the peace” and indicated some EU nations could follow in the UK’s footsteps and increase defence spending.
However, he argues that while a security guarantee should be led by Europe, it needs US backing.
In response to a question from Reform UK leader Nigel Farage, Sir Keir told the Commons this would “not be enough on its own”.
In any case, the deal has been put on hold following Mr Trump’s row with the Ukrainian president.
Shortly after the PM finished speaking, Mr Trump hit out at Mr Zelenskyy once again, saying the US would “not put up with him” for much longer after he said the end of the war with Russia is “very far away”.