As of November 15, Binance stopped accepting deposits from Russia as part of their compliance with international sanctions.
In response, the company announced their plans to completely exit the Russian market and instead, Russian users can make transactions with digital assets through the CommEX platform.
This change will take effect on November 20, where Binance will stop processing transactions with major cryptocurrencies paired with the ruble, such as Cardano (ADA), Arbitrum (ARB), Ethereum (ETH), Solana (SOL) and Ripple (XRP).
However, some transactions with stablecoins and other digital currencies will still be available to Russian users.
With this announcement, there has been a significant increase in Russian users on other cryptocurrency exchanges, with Bybit seeing a surge in investments from Russian traders.