Binance launches Russian Ruble Fiat Gateway via Advcash partnership
Tue, 05 Nov 2019, 13:34 pm UTC
Cryptocurrency exchange Binance has announced the launch of Russian Ruble (RUB) fiat gateway in partnership with Advcash, a payment platform combining crypto, fiat and prepaid card features.
In an online post dated Nov. 05, Binance said that it is now offering RUB deposits and withdrawals via the Advcash service. Users can now fund their Binance wallet with RUB using their credit cards, bank cards, and also from their Advcash Wallet.
Users can then use RUB funds in their Binance wallet to buy and sell crypto directly on Binance’s Buy and Sell Crypto page using its one-click buy/sell service. They can buy and sell BTC, ETH and XRP directly with RUB using Binance RUB wallet, the company said.
Binance said that it is not charging any fees for buying or selling crypto using funds in Binance RUB wallet. In addition, depositing RUB to Binance using Advcash Wallet is also free of any transfer fees.
The opening of the RUB gateway follows the release of an Android app by Binance that would allow users to trade futures contracts using their smartphones.
Binance’s expansion in Asia
The company is also making efforts to expand its global footprint, particularly in Asia. It recently registered Binance Co. Ltd. with local authorities in South Korea and is reportedly considering opening a new office in Beijing.
In a Twitter video, Binance CEO Changpeng Zhao recently said that the exchange is seeing rising trading volumes from Chinese users, particularly following the launch of the peer-to-peer functionally, available only for iOS users, last month.
“We can expect more things to happen from China,” Zhao said, adding that a lot of blockchain projects have become much more active in the country now (seemingly referring to the recent endorsement of blockchain technology by Chinese President Xi Jinping). “Luckily, thanks to that, our China p2p volume has grown tremendously…we are seeing like a “few million dollars a day” in trading volume on average…”
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