Important Binance Announcement Affecting Bitcoin (Bitcoin) and Ethereum (ETH) Traders

Binance P2P will stop supporting Russian ruble trading pairs from January 31, 2024.

Important Binance Announcement Affecting Bitcoin (Bitcoin) and Ethereum (ETH) Traders

TL;DR

  1. Binance Withdraws Ruble Pairs: Binance is ending support for several P2P trading pairs with the Russian ruble, including BTC/RUB and ETH/RUB, effective January 31, 2024, following its exit from the Russian market.
  2. Transition Options for Users: Russian users can switch to CommEX for continued ruble trading or use Binance’s options for withdrawing or converting rubles before the deadline.
  3. New Listings and Margin Trading: Binance added new tokens like PIVX and trading pairs to its Margin Trading program, allowing leveraged trades with higher profit and risk potential.

Binance to Exit Russia

The world’s largest cryptocurrency exchange by market capitalization – Binance – announced it will no longer support certain P2P trading pairs tied to Russia’s national currency – the ruble. 

Those pairs include BTC/RUB, ETH/RUB, USDT/RUB, BNB/RUB, FDUSD/RUB, BUSD/RUB, and RUB/RUB, as the amendments are scheduled to take effect from January 31, 2024. 

Binance’s move follows the previous decision to exit the Russian market by selling the entirety of its local business to the crypto platform CommEX. 

“Therefore, users can continue P2P trading with Russian ruble (RUB) free of charge on the CommEX platform,” the exchange explained.

Those willing to jump on board need to register with a CommEX account and connect it to the corresponding Binance one. Alternatively, clients have the option to withdraw their Russian rubles via Binance’s fiat partners before January 31, 2024, convert RUB into digital assets, or trade RUB for crypto on the Binance Spot market. 

Binance’s Latest Listing

Besides removing certain trading pairs, the leading marketplace has expanded some its offerings with more tokens. 

Last week, it added PIVX (PIVX) as a new borrowable digital asset on Cross Margin and Isolated Margin. It also included ADA/FDUSD and DOGE/FDUSD, among other trading pairs, in its Isolated Margin program.

Binance Margin Trading allows eligible clients access to funds from the exchange for use in leveraged trades. Thus, traders can deal with greater sums and adjust their positions appropriately. 

It is worth mentioning that margin trading could bring greater profits in the case of successful trades. Nonetheless, it could lead to more significant losses if the market moves in the opposite direction.

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