What are the latest crypto news involving Russia? Let’s see below an in-depth analysis of the latest issues with Binance, the new payment services for Tether and more.
News: crypto exchange Binance announces permanent suspension of the Russian Ruble on the P2P platform
Binance, the cryptocurrency exchange giant, has recently announced its decision to permanently discontinue support for the Russian ruble on its P2P platform.
Starting from January 31, 2024, at 00:00 UTC, the ability to trade pairs with the Russian ruble on Binance’s P2P platform will be officially suspended.
According to the announcement, users have the possibility to withdraw funds denominated in Russian rubles through the exchange’s fiat partners.
These funds can be converted into cryptocurrency using Binance Convert or traded directly on the exchange’s spot market.
The statement specifies that users are also allowed to place orders denominated in Russian rubles on the CommEX platform, which manages Binance’s Russian activities.
To start P2P trading on CommEX, users need to register or log in to their CommEX account, and then link it to their Binance account.
Once this connection is completed, users can transfer their assets from Binance to CommEX, thus continuing to carry out P2P trading operations with the Russian ruble (RUB) on the CommEX platform.
In September, Binance announced its exit from the Russian market and the transfer of its activities to CommEX. The exchange had guaranteed a gradual transition for its Russian users to another platform, which would take about a year.
This decision had been motivated by the need to comply with regulatory requirements to leave Russia. Furthermore, there were rumors circulating that the United States Department of Justice (DoJ) was investigating Binance for a possible violation of sanctions against Russia.
Binance had also announced the suspension of accepting deposits in Russian rubles from November 15th, while withdrawals would continue until January 31st, 2024.
On November 20th, the exchange had removed the Russian ruble pairs with the main cryptocurrencies.
In addition, Binance had terminated its partnership with the payment system Advcash, following reports that customers were transferring funds from sanctioned banks in the Russian Federation through this gateway.
Exved revolutionizes global transactions with a cross-border payment service based on USDT
Exved, a digital exchange based in Russia, has recently obtained regulatory approval from the Bank of Russia and the Federal Financial Monitoring Service of the Russian Federation to launch an innovative cross-border payment service.
This service allows Russian companies to carry out international transactions using the Tether’s USDT stablecoin. Furthermore, this marks a significant progress in the integration between the traditional financial world and the cryptocurrency environment.
The implementation of this pioneering solution positions Exved as one of the first platforms to allow local legal entities in Russia to conduct cross-border digital payment services, with particular attention to cryptocurrencies.
Operating through an electronic business-to-business (B2B) system, Exved offers Russian importers and exporters the opportunity to manage offshore orders smoothly and seamlessly.
The peculiarity of Exved’s innovation lies in the support provided to Tether’s USDT stablecoin.
This choice indeed offers Russian companies a reliable cryptocurrency option, parallel to the US dollar and the offshore ruble, to facilitate international payments.
With this initiative, Exved makes significant progress in facilitating global operations for Russian companies, effectively combining cryptocurrencies with the traditional financial landscape.