In a strategic move, cryptocurrency exchange Binance has advanced its plans to halt Russian ruble (RUB) deposits from November 15, 2023. Because it announced that it would withdraw from the Russian market. In the official announcement made on Friday, it was also announced that RUB withdrawals on the platform will end on January 31, 2024. Meanwhile, it turned out that the Turkish Lira was at the top of the stock market’s transactions. Here are the details…
Binance suspends Russian ruble trading
Binance encourages users to withdraw their RUB funds, offering alternatives such as a transfer to CommEX, a newly founded crypto exchange that acquired Binance’s Russian division in September 2023. Notably, RUB withdrawals on CommEX will be exempt from fees. Users can also opt for Binance’s fiat partners with withdrawal fees of up to 1%. The controversy surrounding Binance’s exit from Russia arose with the sale of its Russian division to CommEX, leading to speculation about the true nature of the deal and CommEX’s relationship with Binance.
Critics point to a lack of transparency about the size of the deal and CommEX’s founders, suggesting it could be a rebranding strategy for Binance to continue its operations in Russia amid Western sanctions. The skepticism is fueled by CommEX’s hiring of key executives from Binance, raising questions about the independence of the two organizations.
Turkish Lira becomes the dominant trading pair
On the other hand, the Turkish lira emerged as the dominant fiat trading pair on Binance in September, commanding 75 percent of all fiat volume earlier in the month. Although it is the fourth largest crypto market in the world, the rise of the lira is attributed to the recent increase in crypto investors in the Turkish market. Binance’s research shows that 27% of respondents started their crypto journey within the last year, while 8% joined within the last six months. Participants typically hold up to $175 (5,000 lira) in cryptocurrency. He has a strong preference for real estate investments. Profitability continues to be an important source of motivation for Turkish investors, along with factors such as ease of monitoring, no minimum threshold and low transaction costs.
Turkey’s crypto adoption rate has increased significantly from 16% to 40% in the last three years, ranking 12th in Chainalysis’ 2023 Global Crypto Adoption Index. Notably, during the 2023 earthquake, Türkiye received aid in the form of cryptocurrencies. Despite this positive trend, Turkey is working on new regulations for crypto assets as part of efforts to persuade the Financial Action Task Force (FATF) to remove the country from the “grey list”. This move comes after the FATF graylisted Turkey in 2021, primarily due to concerns about cryptocurrencies.
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