Binance to exit the Russian market
The cryptocurrency exchange Binance покинет Russian market. The business will be sold to CommEX, the parties have already concluded a corresponding agreement.
The full process of migrating users to the new platform will take up to one year. Binance stressed that all assets of existing Russian clients are securely protected.
«Looking to the future, we recognise that operating in Russia is incompatible with Binance’s compliance strategy», — said Noah Perlman, Binance’s Chief Compliance Officer.
Over the next several months Binance will close all exchange services and business lines in Russia. Some new users who completed KYC in Russia will be immediately redirected to CommEX.
The financial terms of the deal were not disclosed, but it is known that as a result of this sale Binance will fully exit Russia.
«Binance will not have a recurring share of the proceeds from the sale, nor will it have the option to repurchase equity in the business», — added the exchange’s representatives.
In a ForkLog comment, a Binance representative said that Russian citizens legally residing in other countries may use the exchange’s services and products, provided they comply with sanctions rules.
During the transition, the trading platform will continue to protect customers’ personal information by encrypting data at rest and in transit. Binance will shortly provide migration instructions to the new exchange.
«Users are under no obligation to move to CommEX. If they wish, they can also withdraw their funds to another platform», — said the exchange’s representatives.
At the same time, Binance CEO Changpeng Zhao said that BNB holders will enjoy a 25% discount on trading on CommEx.
Everything will be done to ensure a smooth transition. All user funds are safe!
Also:
Among other things, #BNB holders will continue to enjoy a 25% trading fee discount on @CommEX_com. https://t.co/52pak53CqE
— CZ ? Binance (@cz_binance) September 27, 2023
Binance did not comment on the choice of deal partner. It is known that the CommEX exchange announced its launch on September 26.
A hearty welcome to our new users from Russia and around the world! ?
We’re dedicated to meeting your needs, refining our services & delivering a top-tier trading experience.
Stay tuned for exciting activities! Don’t miss out, start trading today at https://t.co/shH7Zf0No7. https://t.co/eA3i0U6iEi
— CommEX (@CommEX_com) September 27, 2023
Overall, Binance believes that the decision to exit Russia will have a limited impact on its global business, as the company has been gradually reducing its presence in the country for a long time.
In late August, Binance удалила со своих P2P-платформ находящиеся под американскими санкциями банки «Сбер», «Тинькофф» и «Альфа».
Also the exchange запретила россиянам обменные операции с любыми фиатными валютами за исключением рубля.
One of ForkLog’s experts предложил рассмотреть возможность блокировки вводящих ограничения бирж в РФ.
Against this backdrop, Binance representatives said they are examining, among other things, the possibility of a complete withdrawal from the jurisdiction.
In early September Binance left the Director for Eastern Europe, Gleb Kostarev, and the Director for the CIS, Vladimir Smerkis. Both were responsible for the company’s operations in Russia.
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