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CommEx to Add 1M Russian Users from Binance: Report

by BSCN

October 5, 2023

The transition from Binance to CommEx will happen in phases, with initial logins using basic Know Your Customer (KYC) data and full KYC data transferable within a week.

CommEx Expects One Million Users

CommEx, the firm which took over Binance's Russian operations, is preparing to welcome approximately one million customers to its platform, according to a report by Russian media outlet Kommersant. It was based on an estimate given to Kommersant by Anton Toroptsev, the CEO of CommEX.

While CommEx expects to absorb a significant portion of Binance's Russian user base, competition is heating up in the cryptocurrency exchange space. Other platforms like ByBit, Huobi, Bitget, Kucoin, and Gate.io are also expected to attract users who may not migrate to CommEx.

The migration process will occur in phases, with basic KYC information and login details transferred initially and full KYC data expected to follow within a week. The transition process is set to take up to one year to ensure the smooth off-boarding of existing Russian users from Binance, with the assurance that their assets are secure.

In an earlier agreement on Sept. 27, Binance agreed to sell its entire Russia business to CommEX. As per reports, Russian KYC'd new user registrations will be redirected to CommEX immediately. Binance will shut down all exchange services in Russia over the next few months.

Disclaimer

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