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Binance Completes Russian Exit, Sells Business to CommEX

by BSC News

September 27, 2023

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The off-boarding process for existing Russian users is expected to take about a year, during which Binance is committed to ensuring the security of user assets.

Binance Makes Major Move

Binance has formally concluded its operations in Russia, marking its complete exit from the country. 

According to the recent announcement on Sept. 27, Binance will sell its entire business operations in Russia to CommEX in order to facilitate the exit. The off-boarding process is expected to span approximately one year, during which Binance is committed to safeguarding the assets of its Russian user base.

Noah Perlman, Chief Compliance Officer at Binance, explained the rationale behind this decision, stating, 

"As we look toward the future, we recognize that operating in Russia is not compatible with Binance's compliance strategy." 

Reports indicate that Binance and CommEX have devised an orderly process for the seamless migration of users from Binance to CommEX. This strategic partnership will focus on guiding users to transfer their assets to the new platform. 

Russian users who have undergone Know Your Customer (KYC) procedures will be redirected to CommEX promptly following their registration, with plans to scale up this process in the future.Over the coming months, Binance will gradually phase out all exchange services and business operations in Russia as part of this transition.

In the last few months, Binance had taken steps to comply with Western sanctions requirements and had imposed trading restrictions on its platform in Russia. Additionally, the platform had taken measures to limit peer-to-peer trading activities involving sanctioned Russian banks.

Disclaimer

Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article

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