The Binance cryptocurrency exchange will leave the Russian market. The business will be sold to CommEX, the parties have already entered into a corresponding agreement.
The complete process of transferring users to the new platform will take up to one year. Binance emphasized that all assets of existing Russian clients are reliably protected.
“As we look to the future, we recognize that operating in Russia is not compatible with Binance’s compliance strategy,” said Binance Chief Compliance Officer Noah Perlman.
Over the next few months, Binance will close all exchange services and business lines in Russia. Part of the registration of new users who have completed KYC in the Russian Federation will be immediately redirected to CommEX and will increase over time.
The financial details of the transaction are not disclosed, but it is known that as a result of this sale, Binance will completely leave the Russian Federation.
“Binance will not have an ongoing share of the proceeds from the sale, nor will it have the ability to buy back shares in the business,” the exchange added.
Let us recall that at the end of August, Binance removed the banks Sber, Tinkoff and Alfa, which were under American sanctions, from its P2P platforms.
The exchange also prohibited Russians from exchanging transactions with any fiat currencies except the ruble.
One of the experts interviewed by ForkLog suggested considering the possibility of blocking exchanges that introduce restrictions in the Russian Federation.
Against this background, Binance representatives said that they are also exploring the possibility of completely leaving the jurisdiction.
On September 6, the director for Eastern Europe, Gleb Kostarev, and the director for the CIS, Vladimir Smerkis, announced their resignation from the Binance cryptocurrency exchange. Both were also responsible for running the company’s business in the Russian Federation.
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