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There will no longer be transactions with rubles on the Binance p2p platform. What does it mean

The largest cryptocurrency exchange Binance announced the termination of transactions with the Russian ruble on its own p2p platform, following the decision to leave Russia and sell the company’s business to the CommEX platform. From January 31, 2024, ruble trades will be unavailable in all trading pairs on the platform, including pairs with USDT and other major crypto assets.

Peer-to-peer trading, or p2p, is a trade in which traders exchange cryptocurrency between themselves, with the platform acting as a guarantor for their transactions. At the end of August, Binance prohibited clients from Russia from p2p transactions with any currency other than the ruble. A month later, Binance announced its complete withdrawal from Russia and the sale of its business to the new platform CommEX.

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