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Crypto exchange Binance adds Russian Ruble support on P2P platform

Image by Binance from Twitter

Wed, 12 Feb 2020, 09:16 am UTC

Crypto exchange Binance announced in a press release that it added support for Russian Ruble (RUB) on its P2P platform.

Following the addition, users would now be able to buy and sell Bitcoin (BTC), Tether (USDT), Ethereum (ETH) and Binance Coin (BNB) with RUB using Binance’s peer-to-peer (P2P) platform on the latest version of the Binance Mobile App.

Binance P2P was launched last October. In addition to RUB, the platform supports Chinese Yuan (CNY) and Vietnamese Dong (VND) for buying and selling cryptocurrencies such as bitcoin (BTC), ethereum (ETH), Binance Coin (BNB) and USDT stablecoin.

"Russia is a vibrant market for blockchain and crypto advancement. We strive to provide our Russian users with easy fiat-to-crypto access," said Binance CEO Changpeng "CZ" Zhao. "P2P trading provides an open marketplace and more flexible access for users to trade multiple cryptocurrencies with other users or merchants in the payment methods they prefer."

Calling Russia a key market for Binance, Zhao had revealed his intention to establish an office in the country last year, CoinDesk reported.

“There is a very strong programmer talent [here],” CZ said. “On this trip, it is very clear to me that we should look into [setting up] the developers’ office."

Binance said that it plans to add more fiat and cryptocurrencies trading options for Binance P2P users in more countries and regions this year.

Meanwhile, the Bank of Russia started testing stablecoins in its regulatory sandbox in December. At the time, central bank head Elvira Nabiullina said they were just exploring how stablecoins work and were not considering it as a means of payment or alternative to money.

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