Binance, the famous cryptocurrency exchange, has orchestrated its complete withdrawal from Russia, opting for a straightforward sale of its operations to CommEX. Binance’s Head of Compliance, Noah Perlman, shed light on the company’s reasons: a forward-thinking approach that identified Russia as incongruent with Binance’s strict compliance guidelines. Interestingly, CommEX, the buyer of Binance’s Russian unit, made its official debut just one day before the acquisition announcement, although it had initiated BTC/USDT and ETH/USDT spot transactions as early as July.
CommEX Sets Up Shop, Binance Departs
CommEX is pleased to announce that our exchange will officially launch on September 26th, 2023, at 12:00 (UTC). We are fully committed to providing you with a top-notch cryptocurrency exchange.
CommEx this Tuesday
As Binance bids farewell, it underscores its complete withdrawal from the Russian market. This involves gradually winding down all of its exchange services and business lines in the country in the months to come. Notably, Binance’s agreement with CommEX sets it apart from other international companies’ deals in Russia: Binance will not retain any share of the revenue after the sale and does not hold any right of first refusal on the commercial stakes. On the other hand, while accommodating a wave of users both locally and globally, CommEX stated that it would steer clear of clients from certain jurisdictions, including the United States and the European Union. For Binance’s existing Russian clientele, the transition will span over a year, during which their assets will remain secure.
