Binance to halt Russian Ruble trading pairs and exit market

  • Stock Market News
Binance to halt Russian Ruble trading pairs and exit market
Credit: © Reuters.

NEW YORK - Binance, the world's leading cryptocurrency exchange, is set to remove several spot trading pairs involving the Russian Ruble (RUB), including ADA/RUB and BNB/RUB, amid regulatory challenges and liquidity issues. The company announced today its decision to exit the Russian market through a sale to CommEX, coupled with the cessation of Russian Ruble deposits.

In a strategic move that will unfold over the coming months, Binance also revealed plans to discontinue its BUSD stablecoin pairs by February 2024. This decision will affect liquidity pools for major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). Additionally, margin trading pairs that include Cardano (ADA) and Bitcoin Cash (BCH) in BUSD are set to be removed from the platform.

The review of ADA/RUB and ALGO/RUB spot trading pairs commenced today due to concerns over their liquidity and volume. By Sunday, November 20, 2023, these specific Russian Ruble pairs will be delisted from Binance's Spot market. However, asset trading on Binance will continue with other currency pairs, ensuring that traders have access to alternative options for their transactions.

The latest developments reflect Binance's efforts to adapt to the evolving regulatory landscape and maintain robust liquidity for its users. As the exchange phases out certain operations, it remains committed to providing a diverse range of trading opportunities through its global platform.

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