Binance, one of the largest cryptocurrency exchanges in the world, is completely shutting down its operations in Russia. The decision is reportedly due to financial sanctions in and around Russia, and is expected to cause major ripples in the cryptocurrency market.
- Binance, the world's largest cryptocurrency exchange, is pulling out of Russia .
- CommEX is acquiring Binance's Russian operations, and users will be able to transfer their assets and operate on the new exchange .
- Binance has struggled with international financial sanctions and regulatory issues in several countries and has been accused of violating financial sanctions .
Binance announced on its official blog today that it has signed an agreement with CommEX, a startup cryptocurrency exchange, to acquire its Russian operations. As part of the agreement, Binance will assist Russian users in transferring their assets to CommEX for up to one year."
Some answers about Binance/CommEx.
— CZ 🔶 Binance (@cz_binance) September 28, 2023
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,…
Binance Chief Compliance Officer Noah Perlman explained the decision, saying, "Operating a cryptocurrency exchange in Russia is not consistent with Binance's compliance strategy." "Binance anticipates rapid growth in the Web 3.0 industry and will continue to focus our energies on our operations in over 100 other countries."
Binance's decision to pull out of Russia follows a long history of international financial sanctions and regulatory challenges. The company has already been indicted for securities law violations in the U.S., and has recently come under pressure in European markets. In the U.S., the company laid off a third of its employees and shut down its Binance US division.
With Binance's withdrawal from Russia, users will transfer their assets to CommEx, and new users who have completed Russian KYC are expected to be able to start trading on CommEx quickly.
Binance, meanwhile, recently revealed plans to launch a yen-based stablecoin in partnership with Japan's largest bank, Mitsubishi UFJ Financial Group (MUFG).
Binance's withdrawal from Russia is expected to have a significant impact on the global cryptocurrency market. However, Binance intends to maintain its presence in the global market by expanding its operations in other countries.
