The head of Binance shared details of the transfer of business to the Russian Federation


The CEO of the Binance crypto exchange, Changpeng Zhao, who announced his departure from the Russian market, spoke about the details of the deal to sell the CommEX business.

According to him, at the stage of migration of funds and users between platforms, crypto transfers will be actively carried out.

Several former regional Binance team members may join CommEX or have already done so, Zhao noted.

The top manager added that the design and API on the new exchange will be similar to the old one. This was done intentionally for the convenience of users, he emphasized.

CommEX will not serve customers in the US or EU, a condition Zhao put forward in the deal. To comply with the requirements, the platform provides IP blocking and a system KYC.

“I am not their ultimate beneficiary and do not own any shares there. The deal does not include a buyback. A Google search shows that some companies like Mercedes, McDonalds and Nissan have this option as part of a deal to sell their Russian business. In our case, this is not the case,” concluded the Binance CEO.

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.

At the beginning of September, the director for Eastern Europe, Gleb Kostarev, and the director for the CIS, Vladimir Smerkis, left Binance. Both were also responsible for running the company’s business in the Russian Federation.

On September 27, the platform officially announced its withdrawal from the Russian market.

Found an error in the text? Select it and press CTRL+ENTER

ForkLog newsletters: keep your finger on the pulse of the Bitcoin industry!

Leave a Reply