Binance and AdvCash Partner to Introduce Russian Rubles Fiat Payment Options on the Exchange

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.

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.