JUST IN: Binance Exits Russia

September 27, 2023 12:39 pm Comments

Binance has officially exited Russia, according to an official press release and multiple sources.

The world’s biggest centralized exchange by volume has decided to exit the war-embroiled country due to ‘compliance’ issues.

Regulatory pressures have been mounting around the world as international regulators, following cues from the United States, have targeted the crypto exchange.

Not wanting to further draw the ire of U.S. regulators, the company has left Russia—they did not leave because Russian regulators were pressing too hard on the exchange.

The centralized exchange announced on Wednesday:

“Binance has entered into an agreement to sell the entirety of its Russia business to CommEX.

To ensure a smooth process for existing Russian users, the off-boarding process will take up to one year. All assets of existing Russian users are safe and securely protected.

As we look toward the future, we recognize that operating in Russia is not compatible with Binance’s compliance strategy. We remain very confident of the long-term growth of the web3 industry around the world and will focus our energy on the 100+ other countries in which we operate.”

Box Mining, a popular crypto influencer and investor, broke down the recent development in this video.

According to Coin Telegraph:

The news comes just a day after CommEX announced its launch on Sept. 26. The platform is designed to provide cryptocurrency trading services, including spot, futures and peer-to-peer trading.

The platform seems to be targeting mostly Russian users at launch, as its interface is only available in Russian and English at the time of writing.

Crypto Daily claimed: “According to similarweb, Russia is the biggest market on Binance,” suggesting that the exit from the Russian Federation now threatens to impact the company in a major way.

One user speculated that CommEx is actually a Binance-owned entity: “But what is CommEX? I think it is New Binance exchange in Russia with new brand. Binance will not leave the Russian market and they never want to lose their market. They just change it so that they don’t get into trouble in the future.”

Daily Coin added:

Earlier, Binance pulled the plug on five Russian banks in the EU sanctions list on peer-to-peer trading (P2P).

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