The world’s leading cryptocurrency exchange Huobi introduces the Russian national fiat currency to its trading platform.
According to an announcement on January 12, Huobi Global now supports Russian ruble deposits and withdrawals. The new feature allows users to buy and sell major cryptocurrencies such as 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 tokens backed by Huobi like Huobi Token (HT) and Huobi Pool Token (HPT).
To add support for the ruble, Huobi has teamed up with AdvCash, a fiat and crypto payment processor. The exchange previously worked with AdvCash to introduce crypto ruble purchases to its over-the-counter desktop. 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. To deposit or withdraw rubles at Huobi, users will need to proceed with Know Your Customer checks.
Huobi has actively developed in the Russian market. In September 2020, Huobi Global rolled out a mobile app in Russia, allowing local users to purchase major cryptos like Bitcoin through the app. The exchange said Russian residents made up 10% of its total spot trading volume.
Earlier this year, Russia’s long-awaited crypto law on digital financial assets finally came into force. The law provides a legal basis for the crypto industry but prohibits Russians from using crypto as a means of payment.