What You Need to Know About Binance Terminating Russian Ruble Deposits

Binance Exiting Russia and Terminating Local Currency Deposits

Cryptocurrency exchange Binance is making strides towards its exit from Russia and will be ceasing local currency deposits on Nov. 15, 2023.

Binance has advised users to withdraw all Russian rubles from the platform, with the expectation that RUB withdrawals will be terminated on Jan. 31, 2024.

As an alternative, Binance users can transfer their funds to CommEX, a new crypto exchange business that acquired Binance’s Russian division in September 2023. Binance has stated that RUB withdrawals on CommEX will be zero-fee.

Users can also opt to convert their RUB to cryptocurrency using the “Convert” tool or exchange on the Binance Spot Market, both of which are available through Binance’s fiat partners.

Difference between Web 1.0, 2.0, 3.0 and 4.0

In late September 2023, Binance announced its full exit from Russia through the sale of its firm to a newly launched crypto exchange business known as CommEX. This transaction sparked much controversy, as Binance and CommEX have not revealed the size of the deal or the founders of CommEX. This has caused some crypto observers to speculate that CommEX is just a new name for Binance, giving it a means to continue operations in Russia without being affected by Western sanctions. Despite the evidence, Binance denied any possible ties between the platform and CommEX, saying “With this sale, Binance fully exits Russia. We have no plans to get back.”

The difference between Web 1.0, 2.0, 3.0 and 4.0 is vast. Web 1.0 was the first version of the web, while Web 2.0 and 3.0 are the newer versions. Web 2.0 is focused on user-generated content, while Web 3.0 is focused on decentralized applications. Web 4.0 is expected to be more automated and intelligent than its predecessors. Withdrawal of rubles through fiat partners on Binance takes a fee of up to 1%, according to a spokesperson for the platform.

If you are looking to invest in Web 3.0, there are several options available. You can invest in the companies that are building the infrastructure for Web 3.0, or you can invest in the tokens and cryptocurrencies associated with these companies. You can also buy tokens and cryptocurrencies directly from exchanges, such as Binance. However, it is important to do your own research and understand the risks involved in investing in any asset before making a decision.