Leading crypto exchange by use, Binance, opens up the option to trade Russian rubles (RUB) as well as deposit and withdraw. Russia is a top 10 market for Binance.
- Binance exchange introduces Russian rubles trading allowing deposits and withdrawals using the fiat currency.
- CZ pushes for more on-ramp fiat payment options.
Binance launches the Rubble (RUB) on-ramp fiat payment earlier than the two-week deadline offered by Binance CEO, Changpeng Zhao (CZ Binance) on Oct. 21 during a Russian government-sponsored talk in Moscow. The silent addition of Rubles was made official on a tweet sent out by the Binance chief confirming the addition.
$RUB support on @Binance was silently release yesterday when this article came out. Enjoy! https://t.co/uN4yqF5xZf
— CZ Binance (@cz_binance) October 31, 2019
Checking on the platform, the new fiat on-ramp allows Binance users to deposit, buy cryptocurrencies (including BTC, ETH, and XRP), and withdraw funds using Russian rubles.
Binance introduces Ruble trading
According to a BEG coverage report on the Open Innovation Forum hosted by the Russian government in Moscow, RUB trading on Binance was set to begin on November 7th but has been pushed a week forward on the back of CZ terming the country “its most important market.”
Binance is aiming to add more fiat on-ramps in the future following the launch of the Naira payments last week and the Rubles payments on Oct. 30.
CZ Pushes for more On-Ramp Fiat Options
According to the speech made on Oct. 21 in Russia, CZ affirmed his and the Binance’s team commitment to add more on-ramp fiat channels to promote the adoption of cryptocurrencies. He further confirmed the exchange will be using third-party companies to complete the transactions for fiat trades.
As of today, Binance will support ruble trades by partnering with AdvCash, Gibraltar-based electronic payments platform. The platform charges 3% fees for deposits and 2.50% + 50 RUB for withdrawals. The Naira based trades are supported by Flutterwave, a Ripple partner.