Exchanges

Binance Announces Complete Exit from Russia, Selling Business to CommEX

In a significant development for the cryptocurrency world, Binance, one of the leading global cryptocurrency exchanges, has recently announced its decision to sell its entire business operations in Russia to CommEX. This strategic move is in line with Binance’s commitment to providing a seamless transition for its Russian user base.

The off-boarding process for Russian users is expected to span over the course of a year, ensuring a gradual and secure transition of assets. Binance has reaffirmed its commitment to safeguarding the assets of all existing Russian users, reassuring them that their holdings are in safe hands.

To facilitate the migration process for its users, Binance has partnered with CommEX. Together, they will provide clear guidance on how Russian users can transition their assets to the CommEX platform. A noteworthy aspect of this transition is that a portion of new user registrations with Know Your Customer (KYC) verification from Russia will be automatically redirected to CommEX. This redirection will increase gradually over time, promoting the growth and adoption of CommEX among Russian cryptocurrency enthusiasts.

Over the coming months, Binance will systematically wind down all exchange services and business activities within Russia. Throughout this period, the priority remains on ensuring a smooth and hassle-free experience for users, as they adjust to the changes.

In a departure from the norm, Binance has opted to keep the financial specifics of the deal confidential. However, it is essential to highlight that this sale marks Binance’s complete exit from the Russian market. Unlike other international companies that have dealt with Russia, Binance will not retain any ongoing revenue share from the transaction, nor does it hold any future options to repurchase shares in the Russian business.

As per Binance’s announcement, this decision underscores Binance’s commitment to adapting to the evolving landscape of the cryptocurrency industry while prioritizing the interests and security of its users. As per Binance’s recent announcement, this move represents a strategic shift in focus, with the exchange consolidating its efforts in other markets around the world.

Sying Tien

Professional Trader, Social media scholar and a Crypto expert. If you have any comments, suggestions or questions feel free to contact me at sying.tien@thecoinspost.com and i will get back to you shortly.

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