Binance chief reveals details of Russian business transfer

The chief executive of the cryptocurrency exchange Binance, Changpeng Zhao, disclosed details of the deal to sell the Russian business CommEX.

Some answers about Binance/CommEx.

There will be crypto transfers between Binance & CommEx as users migrate with their funds. There are also older transactions during the testing phase of the integrations. This is expected.

A few ex-Binance CIS team members may join their team,…

— CZ ? Binance (@cz_binance) September 28, 2023

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He said that crypto transfers will be actively carried out during the migration of funds and users between the platforms.

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

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The executive added that the design and the API on the new exchange will be the same as the old one. This is deliberate to facilitate user experience, he noted.

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CommEX will not serve customers from the United States or the European Union — this is a condition Zhao set for the deal. To meet the requirements, IP-address blocking and a Know Your Customer (KYC) system are provided on the platform.

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

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In late August, Binance removed from its P2P platforms banks under U.S. sanctions — Sber, Tinkoff and Alfa.

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The exchange barred Russians from exchange operations with any fiat currencies except the ruble.

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In early September, Binance left the head of Eastern Europe, Gleb Kostarev, and the head of the CIS, Vladimir Smerkis. Both were responsible for the company’s operations in Russia.

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

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