Within a few months, Binance will close all exchange services and business lines in Russia.
The world’s largest cryptocurrency exchange, Binance, has decided to leave the Russian market. The business will be sold on CommEX. The corresponding agreement has been completed, as reported on the Binance website on Wednesday, September 27.
It is indicated that the complete process of migrating users to the new platform will take up to a year. Binance ensures that Russian clients’ assets will be reliably protected.
“As we look to the future, we recognize that operating in Russia is not compatible with Binance’s compliance strategy. We will… focus our energy on the more than 100 countries where we operate,” said Binance Chief Compliance Officer Noah Perlman in a statement.
Binance is expected to shut down all exchange services and business lines in Russia within a few months. Some new Russian users will be redirected to CommEX immediately.
The financial details of the transaction were not disclosed, but it is known that as a result of the sale, Binance will completely leave the Russian Federation.
“Binance will not have a permanent share of the sales revenue, nor will there be an opportunity to buy back shares in the business,” assured the exchange’s representatives.
We remind you that in March, Binance banned dollar and euro transactions for Russians. This decision is explained by the restrictions within the tenth package of EU sanctions against the Russian Federation.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.