According to the announcement on January 12, Huobi Global now supports deposits and withdrawals in the Russian ruble. The new feature allows users to buy and sell major cryptocurrencies in the ruble, such as Bitcoin (BTC), Ethereum (ETH), Tether (USDT) and Litecoin (LTC). Other supported coins include EOS, Bitcoin Cash (BCH), Ethereum Classic (ETC), Bitcoin SV (BSV), DASH, and two Huobi-backed tokens such as Huobi Token (HT) And Huobi Pool Token (HPT).
To increase support for the ruble, Huobi cooperated with AdvCash, a fiat and crypto payment processor. The exchange previously partnered with AdvCash to introduce cryptocurrency purchases denominated in rubles on its over-the-counter desk. AdvCash also offers legal fiat entry services for Binance, the largest crypto exchange in the world.
The maximum deposit and withdrawal limits are 100,000 rubles ($1,350) and 50,000 rubles ($670) respectively. In order to deposit or withdraw rubles on Huobi, users must proceed with Know Your Customer checks.
Huobi has been expanding the Russian market actively. In Sept. 2020, Huobi Global launched a mobile application in Russia, enabling local users to purchase major cryptos such as Bitcoin through the application. The exchange stated that Russian residents account for 10% of its total spot trading volume.
Russia's long-awaited crypto law "On Digital Financial Assets" finally came into effect at the beginning of the year. The law provides a legal basis for the crypto industry, but it prohibits Russians from using crypto as a means of payment.