Binance officially quits Russian market

The cryptocurrency exchange will withdraw from the Russian market with the sale of the CommEX firm

The leading global cryptocurrency platform, Binance, made public its withdrawal from the Russian market and the transfer of its operations in the country to the Russian firm CommEX. This process is projected to take approximately one year.

In an official statement, Binance announced the complete sale of its activities in Russia to CommEX, in order to ensure a smooth transition for its current users and, simultaneously, safeguard the full security of said users’ assets.

The financial details of this operation have not been disclosed by the company, thus emphasizing its total withdrawal from the Russian market and highlighting that no buyback option is contemplated in this agreement.

Binance executive Noah Perlman explained in the statement that the continuity of operations in Russia, especially in the context of the conflict in Ukraine, was no longer in line with the compliance strategy of the cryptocurrency platform founded by Chanpeng Zhao.

Binance, based in Delaware, United States, assured that the user migration process will develop gradually and orderly. Both cryptocurrency companies will collaborate closely to provide guidance to users during the transfer of their assets to CommEX.

K. Tovar

Source: Descifrado

(Reference image source: Unsplash+)

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