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

  • 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.

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