A year after announcing a complete withdrawal from Russia, the cryptocurrency exchange Binance continues to serve a “limited number of existing Russian users.” This was reported by Cointelegraph, citing a statement from a representative of the trading platform.
According to the representative, Binance “adheres to global sanctions regulations” and “fully complies with restrictions on individuals, organizations, and countries subject to international sanctions.”
“We continue to serve a limited number of existing Russian users to ensure the safety of their digital assets,” the exchange’s representative noted.
He added that compliance remains the company’s “highest priority,” and its goal is to create “industry-leading compliance programs that effectively cooperate with law enforcement agencies worldwide.”
The Russian-speaking Binance community on Telegram remains active, with over 127,000 subscribers at the time of writing. In January 2024, it informed Russian users that they could no longer trade on the platform.
“Access to Binance P2P for citizens of the Russian Federation residing outside the Russian Federation and having confirmed this through address verification will remain unchanged,” the post stated.
Cointelegraph noted that from August 2023 to July 2024, traffic to Binance’s website from Russia fell by 43%. Nevertheless, the country remains one of the largest sources of traffic for the exchange, alongside Turkey and Vietnam, accounting for 6% of total visits.
In comments to the publication, a Binance representative linked this figure to the ongoing “service of a limited number of existing Russian users.”
“We will inform the community about future plans,” he added.
In September 2023, after announcing its exit from the Russian market, Binance sold its local business to the new exchange CommEx. Details of the deal were not disclosed, and both parties denied any direct connection between them.
In March 2024, CommEx officially announced a complete cessation of operations. Binance claimed that the platform had failed to meet its obligations.