Major global cryptocurrency exchange Huobi is introducing Russia’s national fiat currency on its trading platform.
According to a Jan. 12 announcement, Huobi Global now supports deposits and withdrawals in the Russian ruble. The new feature enables users to purchase and sell major cryptocurrencies like Bitcoin (BTC), Ether (ETH), Tether (USDT), and Litecoin (LTC) for rubles. Other supported coins include EOS, Bitcoin Cash (BCH), Ethereum Classic (ETC), Bitcoin SV (BSV), DASH, as well as two Huobi-backed tokens like Huobi Token (HT) and Huobi Pool Token (HPT).
To add ruble support, Huobi partnered with AdvCash, a fiat and crypto payment processor. The exchange previously collaborated with AdvCash to introduce ruble-denominated crypto purchases on its over-the-counter desk. AdvCash also 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. In order to deposit or withdraw rubles on Huobi, users will have to proceed with Know Your Customer checks.
Huobi has been actively expanding into the Russian market. In September 2020, Huobi Global rolled out a mobile app in Russia, allowing local users to buy major cryptos like Bitcoin through the app. The exchange said that Russian residents make up 10% of its total spot trading volume.
At the beginning of the year, Russia’s long-awaited crypto law “On Digital Financial Assets” finally came into effect. The law provides a legal basis for the crypto industry but prohibits Russians from using crypto as payment.
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