Binance to Opt Out of Ruble Payment Deal with Advcash Amid Rus | Crypto Miami

Binance to Opt Out of Ruble Payment Deal with Advcash Amid Russian Exit

Binance is planning to end its partnership with the payment provider Advcash, putting a stop to the ruble-based transactions, according to the Wall Street Journal. This move is in line with the crypto exchange’s ongoing strategy to exit the Russian market.

Binance’s collaboration with Advcash started in 2019. It allowed Binance customers to deposit and withdraw rubles, facilitating transactions for Russian traders using its service.

Through Advcash, customers could move funds from the sanctioned Russian banks to Binance. Advcash’s site provided links to “independent exchange providers” that could handle transfers from customers’ accounts at Russian banks to the platform. Users could then move funds between their Advcash and Binance accounts.

An Advcash spokesperson mentioned they had not received any updates from Binance regarding ceasing the partnership. Yet, the unfolding scenario mirrors the shift in Binance’s operational strategy in Russia.