Search Tools Links Login

Binance Exits Russian Market, Sells Business to CommEX

Posted: 2023-09-28
By: dwirch
Viewed: 229

Filed Under:

News, Crypto

No attachments for this post


Binance, a leading cryptocurrency exchange, has confirmed the sale of its entire Russian operation to CommEX, as part of its strategy to withdraw from the market due to regulatory compliance issues.

Binance's chief compliance officer, Noah Perlman, mentioned in an official statement, "Binance's compliance strategy doesn't align with ongoing operations in Russia."

CommEX, which officially debuted as a cryptocurrency exchange on Tuesday, had introduced BTC/USDT and ETH/USDT trading pairs for spot trading in July. Through its X (previously known as Twitter) account, CommEX expressed its excitement in welcoming "new users from Russia and globally!"

Earlier in the year, reports surfaced about Binance undergoing an investigation by the Department of Justice. The inquiry was centered on whether Russian clients could access the platform, violating U.S. sanctions connected to Russia's Ukraine invasion. By August, Binance declared its intention to sever connections with sanctioned Russian financial institutions.

On Wednesday, Binance clarified its intent to depart entirely from the Russian market, stating, "Over the forthcoming months, Binance will phase out all its exchange services and business avenues in Russia."

Binance emphasized that, in contrast to similar arrangements made by international firms in Russia, it won't receive any continued revenue share from the sale. Furthermore, the company won't retain any rights to repurchase shares in the business.

CommEX has also stated its decision to avoid onboarding clients from the U.S., EU, and certain other regions.

Regarding the transition for existing Russian clientele, the process will span up to a year. CommEX has assured that all customer assets remain "secure and safeguarded."


Comments on this post

No comments have been added for this post.

You must be logged in to make a comment.