Binance, the world’s largest cryptocurrency exchange, decided to withdraw from the country by selling all rights of its operations in Russia to CommEx.
Binance announced in a post on its official blog page on September 27 that it will completely withdraw from Russia. In the statement, it was stated that Binance will turn its business in Russia into a completely local cryptocurrency exchange. An agreement has been signed to sell to CommEX place was given.
To ensure a smooth transition process Binance And CommEX teams will work together and users will be informed in the healthiest way possible. It was stated that the exit process may take 1 year to ensure a smooth process for existing users. In this direction, Binance in the next few months in Russia all stock market services And lines of business will have closed.
Binance CEO Changpeng Zhao (CZ) made via social media in sharing, All customer funds are safe He emphasized that it was. However, users holding BNB can be traded on the CommEX exchange. 25% transaction fee discount He reminded that he could continue to benefit from it.
Making a statement on the issue, Binance’s chief compliance officer Noah PerlmanOperating in Russia is Binance’s Does not align with compliance strategy He made the following noteworthy statements:
As we look to the future, we recognize that operating in Russia is not in line with Binance’s compliance strategy. We remain confident in the long-term growth of the Web3 industry worldwide and will focus our energy on the other 100+ countries in which we operate.
At the beginning of September, Binance’s headquarters in Russia Two senior executives resigned and rumors that the stock exchange would withdraw from the country became stronger.