Major global cryptocurrency exchange Huobi is introducing Russia’s national fiat currency to its trading platform.
According to a January 12 AnnouncementHuobi Global now supports deposits and withdrawals in the Russian ruble. The new feature allows users to access important cryptocurrencies such as Bitcoin (BTC), Ether (ETH), Chain (USDT) and Litecoin (LTC) for rubles. Other supported coins include EOS, Bitcoin Cash (BCH), Ethereum Classic (AND SO ON), Bitcoin SV (BSV), Dash, as well as two Huobi backed tokens such as Huobi Token (HT) and Huobi Pool Token (HPT).
To add ruble support, Huobi teamed up with AdvCash, a fiat and crypto payment processor. The exchange earlier worked together with AdvCash to introduce crypto purchases in rubles at the over-the-counter counter. AdvCash too to provides fiat onramp services to Binance, the world’s largest crypto exchange.
The maximum deposit and withdrawal amounts are capped at 100,000 Rubles ($ 1,350) and 50,000 Rubles ($ 670) respectively. To deposit or withdraw rubles on Huobi, users must proceed with Know Your Customer checks.
Huobi is actively expanding into the Russian market. In September 2020, Huobi Global a mobile app rolled out in Russia, allowing local users to purchase major cryptos such as Bitcoin through the app. The exchange said Russian residents make up 10% of the total trading volume in the spot market.
At the beginning of this year, the long-awaited Russian crypto law ‘On Digital Financial Assets’ finally came into effect. The law provides a legal basis for the crypto industry, but it prohibits Russians from using crypto as payment.