Popular cryptocurrency exchange Huobi has started supporting Russian ruble on its platform. As per an announcement made on January 12, Huobi currently supports both deposits and withdrawals in Russia’s national currency.
The latest facility will allow its clients to trade cryptos such as Tether (USDT), Litecoin (LTC), Bitcoin (BTC) and Ether (ETH) for rubles.
Additionally, the platform also supports crypto tokens such as Bitcoin Cash (BCH), EOS, DASH, Bitcoin SV (BSV), Ethereum Classic (ETC) and Bitcoin Cash (BCH). The platform also supports two native tokens, namely Huobi Token (HT) and Huobi Pool Token (HPT).
To start supporting the ruble, Huobi has joined hands with AdvCash, which processes crypto and fiat payments. The platform had earlier partnered with AdvCash to facilitate buying of ruble-assigned cryptocurrencies through OTC (over-the-counter) mode. AdvCash also offers fiat on-ramp facility to Binance, arguable the largest cryptocurrency exchange by trading volume.
Currently, a client can deposit a maximum amount of 100,000 rubles (~$1,350). The withdrawal limit is restricted to 50,000 rubles (~$675). For making a deposit or withdrawal in rubles on Huobi platform, users will have to complete KYC (Know Your Customer) checks.
Huobi has been proactively expanding its presence in Russia. Back in September, Huobi Global introduced a mobile app in Russia, enabling domestic clients to purchase cryptocurrencies such as Bitcoin via the app. Huobi revealed that Russian clients account for 10% of its overall spot trading volume.
At the start of 2021, the country’s most-awaited law on cryptocurrencies i.e. “On Digital Financial Assets” became effective. The legislation offers a legal ground for the crypto sector, but bans Russians from utilizing cryptocurrencies as mode of payment.
