Binance Axes Key Crypto Pairs, Exits Russian Market
In a recent announcement, Binance, a prominent player in the crypto exchange realm, revealed plans to phase out several trading pairs, marking a strategic shift in its operations.
Among the affected digital assets are Cardano (ADA), Polygon (MATIC), BNB, Ethereum (ETH), Litecoin (LTC), Solana (SOL), and XRP. This move is poised to exert a noticeable influence on the crypto market as Binance terminates its trading activities involving the Russian ruble.
Effective November 20, Binance will discontinue trading on numerous spot pairs tied to the Russian ruble, comprising ADA/RUB, BNB/RUB, BUSD/RUB, DOT/RUB, ETH/RUB, LTC/RUB, MATIC/RUB, SOL/RUB, and XRP/RUB. This action aligns with the platform’s broader strategy to completely withdraw from the Russian market and cease Russian ruble deposits. The decision follows a recent official announcement on November 17 and coincides with Binance’s sale of its entire Russian business to CommEX.
Furthermore, additional cryptocurrencies like ALGO/RUB, ARB/RUB, ARKM/RUB, ARPA/RUB, NEAR/RUB, and WLD/RUB will face the repercussions of this move.
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As of November 20, spot trading for the aforementioned cryptocurrencies will no longer be available. However, trading opportunities for these assets will persist within alternative pairs.
This development comes amid mounting regulatory pressures, prompting Binance to steadily remove major cryptocurrency pairs. The exchange has also initiated the gradual delisting of BUSD stablecoin pairs, aiming to conclude their support by February 2024.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
