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Crypto’s largest centralized exchange reportedly plans to end its partnership with Advance Cash, a Central American-based payment processor facilitating ruble transactions for Binance users. Binance sent an email to a client informing of its decision to shutter an agreement with payment processor Advance Cash, according to the Wall Street Journal citing people familiar with the matter. The report on Nov. 1 said that Advance Cash had not received any updates from the crypto exchange. Advance Cash, also known as Advcash, is a Belize-based company that handles fiat transactions for digital asset operators. Part of the firm’s services includes facilitating deposits and withdrawals denominated in the Russian ruble . Advcash reportedly allowed users to move funds from sanctioned Russian banks to Binance. crypto.news reached out to Binance for comments on the matter but was yet to hear back at press time. Binance has parted ways with a number of payment processors across Europe and t...

Russian President Vladimir Putin signed the digital ruble bill into law on July 24. President Vladimir Putin had given his official approval, signing the digital ruble bill into law, and thus, putting Russia on track with its central bank digital currency (CBDC) implementation plan. Based on an official governmental statement, the digital ruble law is set to come into operation from August 1, 2023, with all rules except for one due for enforcement. The one rule that was not immediately enforced pertained to amendments to multiple federal laws in Russia, encompassing inheritance and bankruptcy. These adjustments are set to be operational from August 2024. The legislative development in August allows the Russian central bank the power to launch the first real consumer CBDC pilot. This initial expectation had been for trials to kick off in April, involving collaboration with 13 local banks, with Sberbank, Russia’s biggest bank, among them. In line with the law that was jus...