Binance Bids Farewell to Russia in Major Market Move
The world's largest cryptocurrency exchange is in the process of exiting the Russian market and has announced the sale of its Russian operations to a local company.
In a recent press release, Binance revealed its intention to transfer its entire Russian business to the local cryptocurrency exchange CommEX, to completely withdraw from the country. This transition is expected to span approximately one year to ensure a seamless handover.
According to Binance, the decision to exit the Russian market stems from an incompatibility with the company’s current business model. However, specific details regarding this incompatibility were not disclosed.
In a statement by Noah Perlman, Chief Compliance Officer at Binance, it was conveyed that, “Looking ahead, we acknowledge that maintaining a presence in Russia does not align with Binance’s compliance strategy.
We maintain our confidence in the ongoing growth of the Web3 industry on a global scale and will direct our efforts toward expanding Binance in the more than one hundred countries where we are active.”
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As part of the transition plan, Binance user accounts and their associated assets, which are assured to be secure, will be transferred to the trading platform operated by CommEX.
Furthermore, while the transaction’s financial terms remain confidential, it should be noted that Binance will not be entitled to any share of CommEX’s profits after the sale, nor will it retain the option to repurchase shares of the company.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
