Author: Shalini Nagarajan, translated by: Shan Ou Ba, LianGuai
Binance has chosen to sell all of its business in Russia and plans to completely exit the market. According to an announcement on Wednesday, Binance has reached a sales agreement with the Russian exchange CommEX, but the transaction amount has not been disclosed.
According to Binance’s Telegram channel, CommEX seems to have just launched this week. The exchange provides tutorials on its website to guide Binance users on how to connect their accounts to this new platform.
Binance plans to gradually phase out its operations in Russia over the next year or so, while also stating that it will protect the assets of existing Russian users. Binance users will receive requests to transfer their assets to CommEX. New registered Russian users who have completed the KYC process will be redirected to CommEX immediately.
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Binance states that staying in Russia does not align with the company’s latest compliance strategy. Our top priority is to protect our users and maintain trust in our platform. However, the spokesperson declined to comment on why CommEX was chosen as the partner for this transaction. Binance also explicitly stated that it will not have ongoing revenue sharing arrangements or purchase shares with investors after the sale.
Addressing Compliance and Executive Exit
This decision comes after discussions last month about Binance considering exiting the Russian market. These discussions arose because Binance was accused of assisting nationals in moving funds abroad, leading Binance to take measures to comply with international sanctions. In addition, two key executives at Binance, Gleb Kostarev and Vladimir Smerkis, who played a crucial role in the Russian market, have left one after another. In 2022, Binance had blocked accounts related to Russian officials’ family members. However, this year, Binance seems to have relaxed some restrictions, allowing Russian users to purchase cryptocurrencies with local credit and debit cards (except for US dollars). However, recently, Binance has strengthened restrictions on peer-to-peer trading services for Russian users.
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