IMPORTANT POINTS:
- Binance, the largest cryptocurrency exchange, withdraws from Russia and sells its local operations to CommEX.
- The decision is due to Binance seeking to adjust to regulations and compliance standards in different countries.
- Binance user accounts and assets will be transferred to the CommEX platform, and the exit process will take place in the next year.
The world’s largest cryptocurrency exchange platform, Binance, has announced its departure from Russia and the sale of all its operations in the country to the local exchange CommEX. This decision is part of Binance’s strategy to adjust its operations to comply with regulations and compliance standards in various countries.
Noah Perlman, Binance’s chief compliance officer, explained that the company recognizes that operating in Russia is no longer compatible with its regulatory compliance approach and that they prefer to focus on growth in more than one hundred countries where it currently operates.
As part of the exit plan, Binance user accounts and assets will be transferred to the CommEX trading platform. Binance ensures that all user assets are safe during this transition process.
Although the financial details of the sale remain confidential, it has been confirmed that Binance will not be entitled to receive profits from CommEX after the sale, nor will it be able to buy back shares in the company.
This Russia exit process will take place over the next year to ensure a smooth transition for both Binance and CommEX users.
This decision by Binance reflects the growing regulatory pressure around cryptocurrencies around the world, and companies in the sector are adjusting their operations to comply with local regulations in the countries where they operate. The cryptocurrency industry remains highly dynamic and subject to constant regulatory changes.
