Huobi, the world’s largest cryptocurrency exchange, offers the official currency of Russia on the trading platform.
According to the January 12 announcement, Huobi Global now supports deposits and withdrawals in Russian rubles. 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 currencies include EOS, Bitcoin Cash (BCH), Ethereum Classic (ETC), Bitcoin SV (BSV), and DASH as well as two Huobi-backed tokens such as Huobi Token (HT) and Huobi Pool Token (HPT).
To add ruble support, Huobi has partnered with AdvCash, a cash and cryptocurrency payment processor. Oslo Bowers previously collaborated with AdvCash to offer ruble cryptocurrencies on its OTC counter. AdvCash also provides onramp services to Binance, the world’s largest crypto exchange.
The maximum deposit and withdrawal amounts do not exceed 100,000 RUB ($ 1,350) and 50,000 RUB ($ 670), respectively. To deposit or withdraw rubles on Huobi, users must pass the customer verification confirmation.
Huobi is actively entering the Russian market. In September 2020, Huobi Global launched a mobile app in Russia, so that local users can purchase large digital currencies such as Bitcoin through the app. Oslo Powers reported that the Russian population accounts for 10% of the total spot size.
At the start of the year, the long-awaited Russian cryptocurrency law “On Digital Financial Assets” finally came into effect. The law provides a legal framework for the digital currency industry, but prohibits Russians from using cryptocurrency as a method of payment.