The new development comes a day after COMEX officially launches on September 26, 2023.
BinanceThe world’s largest cryptocurrency exchange has exited the Russian market and is selling its business operations to digital asset trading platform ComEx.
While Binance did not disclose the financial terms of the deal, the company assured its Russian users that all of their assets are safe and secure during the transition process, which is expected to last up to a year.
Binance Will Start Migrating Users to ComEx
announced exit On September 27, Binance said the move was in line with its commitment to compliance. The exchange revealed that operations in Russia are no longer in line with its long-term objectives.
“As we look to the future, we believe that operating in Russia is not compatible with Binance’s compliance strategy. Noah Pearlman, Chief Compliance Officer at Binance, said: “We are confident in the long-term growth of the Web3 industry around the world and will focus our energies on the more than 100 countries in which we operate.
To facilitate a smooth transition for its users, Binance will work closely with ComEx to guide users on how to transfer their assets to the newly established exchange.
According to the announcement, some Russian users with full Know Your Customer (KYC) checks will be immediately redirected to ComEx, with the rest being phased in over the coming months. Binance is committed to ensuring a seamless user experience during this transition period.
Binance bids farewell to Russia
Binance said in the announcement that, unlike some international companies that have maintained revenue-sharing arrangements on similar deals, the exchange has opted to exit Russia entirely, no longer has any financial ties with ComEx and is in business. There is no option to repurchase shares.
The new development comes a day after COMEX officially launches on September 26, 2023. The exchange aims to provide a range of crypto trading services including spot, futures, and peer-to-peer (P2P) trading. Initially serving Russian users, the platform currently offers its interface in Russian and English.
Binance Terminates Some Services from Russian Users
Binance has been in the process of shutting down its Russian operations for some time due to regulatory pressures and compliance challenges, including Western sanctions against Russia.
In August 2023, the company took measures to restrict Russian users from trading in currencies other than the country’s ruble. The exchange also said at the time cut off It has relationships with five approved Russian banks listed on its peer-to-peer (P2P) service, facilitating ruble transfers.
This step comes shortly after reports Despite public commitments to compliance, a United States Department of Justice investigation into possible violations of financial sanctions on Russia by the company.
Two senior executives of the company left the exchange earlier this month. Gleb Kostarev, head of Eastern Europe and Russia, and Vladimir Smerkis, general manager of Russia and the Commonwealth of Independent States (CIS), resigned from their posts without giving any concrete reason.
Chimamanda is a crypto enthusiast and experienced writer who focuses on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed her interest in emerging economies. She combines her passion for blockchain technology with her love for travel and food, bringing a new and engaging perspective to her work.
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