Binance strides into Russia’s Bitcoin market

Cryptocurrency exchange Binance is now accepting Russian rubles through its direct fiat-to-crypto trading feature. 

On Wednesday, the firm announced that cryptocurrency traders in Russia can now deposit, withdraw Rubles and purchase Bitcoin with cash using Binance Cash Wallet. 

“Binance opens RUB deposit and withdrawal through AdvCash. Users can now start to deposit RUB to Binance Cash Wallet and then use Binance Cash Wallet to buy BTC, ETH, and XRP,” it said in an announcement.

Binance has teamed up with Gilbrator-based electronic payments service AdvCash to enable support for Rubles. It charges 3% per deposit and 2.5% plus 50 RUB for every withdrawal.

However, for those using AdvCash wallet, they can deposit and withdraw Bitcoin for free—after going through verification procedures. Meanwhile, traders looking to deposit and withdraw Bitcoins using a bank card must have one issued by a Russian bank.

Binance CEO Changpeng Zhao first announced the company’s intentions to add support for Rubles just over a week ago at the Open Innovations Conference in Moscow, Russia.

During the event, Zhao explained that the firm would support Russian rubles trading “directly” and that Russian users would be able to buy cryptocurrencies through the platform within two weeks.

Speaking to CoinDesk, Zhao called Russia a “key market” and said it is one of the most active markets in the global blockchain space. He added: “We are always looking for partners in any community, especially in Russia.”

Binance already supports several other international fiat-to-crypto exchanges, including Singapore, Uganda, Jersey, and has just launched another one in Nigeria.