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God Father
All assets of users from Russia are “safe and securely protected,” the crypto exchange warned.
Binance announced that it will sell its Russian business to the centralized crypto exchange CommEX.
The company did not disclose the amount of the transaction, but clarified that as part of the agreement it would “completely cease” its activities in the country: it would not make a profit and would not be able to buy back its shares.
The cryptocurrency exchange will shut down its remaining exchange services and “other business areas” within a few months and promises to “uninterruptedly interact” with users during the transition period.
The gradual transition of existing users and their assets to the CommEX platform will take up to one year.
As we look to the future, we recognize that operating in Russia is not compatible with Binance's compliance strategy. We remain confident in the long-term growth of the Web3 industry globally and will focus our energy on growing Binance in the more than one hundred countries where we operate.
Noah Perlman, Chief Compliance Officer, Binance
In March 2023, Binance closed the purchase and sale of dollars and euros through the p2p service for Russians, explaining this by the adoption of the tenth package of EU sanctions.
In August, she banned Russians from transactions through a p2p service with any currencies other than the ruble, and allowed a complete withdrawal from Russia. In September, the media reported that two top managers of the Russian division of the exchange left the company.
Binance announced that it will sell its Russian business to the centralized crypto exchange CommEX.
The company did not disclose the amount of the transaction, but clarified that as part of the agreement it would “completely cease” its activities in the country: it would not make a profit and would not be able to buy back its shares.
The cryptocurrency exchange will shut down its remaining exchange services and “other business areas” within a few months and promises to “uninterruptedly interact” with users during the transition period.
The gradual transition of existing users and their assets to the CommEX platform will take up to one year.
As we look to the future, we recognize that operating in Russia is not compatible with Binance's compliance strategy. We remain confident in the long-term growth of the Web3 industry globally and will focus our energy on growing Binance in the more than one hundred countries where we operate.
Noah Perlman, Chief Compliance Officer, Binance
In March 2023, Binance closed the purchase and sale of dollars and euros through the p2p service for Russians, explaining this by the adoption of the tenth package of EU sanctions.
In August, she banned Russians from transactions through a p2p service with any currencies other than the ruble, and allowed a complete withdrawal from Russia. In September, the media reported that two top managers of the Russian division of the exchange left the company.