Binance exits Russian market, transfers business to CommEX
Date
9/27/2023 9:03:20 AM
(MENAFN) In a significant move, the cryptocurrency trading platform Binance has revealed its decision to fully withdraw from the Russian market, opting to transfer its business operations in the country to CommEX. This strategic shift is attributed to Binance's commitment to aligning with its compliance strategy, which necessitated the exit from Russia. The company emphasized that this move was a forward-looking step, acknowledging that its ongoing presence in Russia was not in line with its compliance objectives.
To ensure a seamless transition for its existing user base in Russia, Binance has outlined a meticulous off-boarding process that is expected to span up to one year. During this transition period, Binance will progressively phase out all exchange services and business activities that it had been conducting in Russia. The company is dedicated to ensuring that its users in Russia are not inconvenienced during this transitional phase.
While the decision to exit the Russian market is firm, Binance has chosen to keep the financial particulars of the deal with CommEX undisclosed. This move marks a significant development in the ever-evolving landscape of cryptocurrency trading platforms and underscores Binance's commitment to compliance and strategic growth in the global market.
MENAFN27092023000045015682ID1107151813
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.