Binance news: Crypto exchange sells its business in Russia
Binance news: Crypto exchange sells its business in Russia
Cryptocurrency exchange Binance has announced that it is leaving the Russian market due to international sanctions imposed on Russia by Western countries for its military incursion into Ukraine.
"As we look toward the future, we recognize that operating in Russia is not compatible with Binance's compliance strategy," said Noah Perlman, Binance's director of compliance.
According to information posted on Binance's website, the exchange has entered into an agreement to sell its entire Russian business to CommEX.
Binance and CommEX will ensure a smooth and comfortable transition for users, which will take one year. At the same time, the exchange emphasized that all assets of existing Russian users are safe and secure.
Despite the fact that this deal will see Binance leave Russia completely, as it will not have the option to buy back its business, many experts suggest that CommEX is a "tech company".
CommEX was launched on September 26, 2023, and is registered in the Seychelles, with Hong Kong law being used to resolve legal disputes. In addition, the owners, managers, and beneficiaries of CommEX are not reliably known, and the company's domain was hastily acquired on September 22. In addition, experts point out that CommEX offers significant discounts for trading BNB (Binance's own cryptocurrency).
It is worth noting that some experts believe that CommEX is a subsidiary of the Kazakh division of Binance BN KZ Technologies.
Read also: Gemini suspends operations in the Netherlands.
