Binance Exits Russia, CommEX to Acquire its Crypto Trading Operations
Summary:
Binance, a leading cryptocurrency exchange, is intending to cease all operations in Russia and transfer its entire business to the trading platform, CommEX. The gradual transition, expected to last a year, aims to safeguard existing Russian users' assets. While discontinuing their Russian operations, Binance plans to focus on the expansion in other countries they operate in.
In a recent development, global cryptocurrency exchange Binance has decided to terminate all its operations in Russia. It plans to hand over its entire Russian business to another trading platform, CommEX, as per the official statement released on September 27. Binance assures a gentle transition for all its current Russian clientele, predicting the process to span over a year, where their assets will be safeguarded during the period. Binance's Chief Compliance Officer, Noah Perlman, explained that their goal of adherence to compliance protocol doesn't resonate with their operations in Russia, however, their belief in the enormous growth potential of the internet-based blockchain tech industry remains unwavered. They aspire to concentrate their efforts on the other 100+ countries they're operational in. More details will be shared on this evolving story as they unfold.
Published At
9/27/2023 8:14:50 AM
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