Binance will withdraw from its agreement with Advcash to pay in rubles amid the Russian exit.

Binance will withdraw from its agreement with Advcash to pay in rubles amid the Russian exit.

As per the Wall Street Journal, Binance intends to terminate its collaboration with the payment service provider Advcash, thereby discontinuing the transactions based on rubles. The cryptocurrency exchange is continuing its strategy to leave the Russian market with this action.

The partnership between Binance and Advcash began in 2019. Customers of Binance were able to deposit and withdraw rubles, which made transactions easier for Russian traders who used the service.

Customers could transfer money from the sanctioned Russian banks to Binance using Advcash. Connectivity to "independent exchange providers" on the Advcash website allowed users to transfer money from their Russian bank accounts to the platform. After that, users could transfer money between their Binance and Advcash accounts.

Regarding ending the partnership, an Advcash representative stated that they had not heard anything new from Binance. Nonetheless, the situation that is developing is similar to the change in Binance's operational approach in Russia.

The Compliance Exit of Binance from Russia.

The cryptocurrency exchange CommEX will purchase Binance's Russian operations, the company announced in September. Considering the constantly changing legal environment surrounding cryptocurrencies, this was a major step in Binance's effort to adhere to international regulatory standards.

The departure was motivated by compliance, as Binance's Chief Compliance Officer, Noah Perlman, highlighted. Perlman said on September 27 that "as we look toward the future, we recognize that operating in Russia is not compatible with Binance's compliance strategy.".

Binance's adherence to regulatory standards was exhibited through this realignment of operations. As a key turning point in its global business strategy, Binance is demonstrating its commitment to a compliance-driven business ethos by choosing to withdraw from its partnership with Advcash for the ruble payment.

.