Binance, a leading cryptocurrency exchange, has decided to pull out of the Russian crypto market completely.
A new rumor claims that Binance intends to withdraw from the Russian market. Significantly, the action involves selling CommEX, a freshly launched cryptocurrency exchange, the whole Russian business section.
The changeover should be simple for Russian-based Binance users. The crypto exchange wants to carefully educate its clientele in moving their assets to the new platform in conjunction with CommEX.
As a result, some Russian customers of Binance who have finished their Know Your Customer (KYC) processes will be quickly forwarded to CommEX.
Additionally, the renowned exchange would gradually shut down its regional operations over the upcoming months. Binance assured that “every effort will be made to maintain a smooth user experience during this transition,”
The exchange, though, was unequivocal about the character of its departure. Unlike several foreign companies leaving Russia, Binance highlighted that it would not accept any ongoing revenue cut from the transaction.
The corporation has made it clear that it no longer can buy back company shares at any time. The exchange has struggled with significant regulatory obstacles in Russia, mostly because of problems with the country’s compliance with Western sanctions.
Nevertheless, it continued pushing its services to Russian users until August 2023. The situation changed when Binance’s top Russian executives decided to leave the company in early September.
Therefore, the most recent changes are consistent with the company’s overall compliance strategy. Noah Perlman, the chief compliance officer for Binance, said:
“As we look toward the future, we recognize that operating in Russia is incompatible with Binance’s compliance strategy.”
Additionally, CEO Changpeng Zhao emphasized that BNB holders will continue to receive a 25% trading discount on CommEX. Although Binance is getting ready to stop operating in one of its most important markets, it is nevertheless enthusiastic about the global expansion of the Web3 sector. The business is unwavering and focuses on its operations in more than 100 different nations.
