Binance to Sell Entire Russia Business to CommEX

Binance to Sell Entire Russia Business to CommEX

Binance has announced its complete withdrawal from the country with the sale, and as of Wednesday, there will be no continuing revenue-sharing arrangement.

Binance, a cryptocurrency exchange, has reached an agreement to sell its entire business operations in Russia to CommEX, marking its exit from the market due to compliance concerns. Binance’s Chief Compliance Officer, Noah Perlman, explained, “Looking ahead, we acknowledge that operating in Russia doesn’t align with Binance’s compliance strategy,” in a press statement.

CommEX, which appears to be a cryptocurrency exchange, was officially launched on Tuesday and had previously introduced BTC/USDT and ETH/USDT trading pairs for spot trading in July. On their social media platform (formerly Twitter), CommEX welcomed “new users from Russia and around the world” on Wednesday.

Earlier this year, reports surfaced that Binance was under investigation by the Department of Justice to determine if Russian customers had accessed the exchange in violation of U.S. sanctions related to Russia’s actions in Ukraine. In August, Binance announced the termination of its relationships with sanctioned Russian banks.

Cryptocurrency Investment Warning: Google Techie Loses $80620

Binance has confirmed that, with this sale, it will completely exit the Russian market, stating that it will gradually phase out all exchange services and business operations in Russia over the coming months. The release specified that unlike similar deals involving international companies in Russia, Binance will not receive any ongoing revenue sharing from the sale and will not retain an option to repurchase shares in the business.

CommEX has also announced that it will not onboard customers from the United States, the European Union, and certain other jurisdictions. For existing Russian users, the off-boarding process will be conducted over the course of up to one year, with assurance that all their assets will remain “safe and protected,” according to the company.

About Author

John Smith

John Smith is a distinguished journalist, holding a Master's in Journalism from the renowned Columbia University. With a knack for uncovering the most captivating stories, John is the go-to expert for all things related to politics and current affairs. His insightful analysis and commitment to unbiased reporting set him apart in the world of journalism. John's writing ensures you're always in the know about the latest happenings in the USA.

Leave a Reply

Your email address will not be published. Required fields are marked *