Cryptocurrency News

Binance fully exits Russia with sale to CommEX

ab31437d 66e7 49c2 b991 da1f074f4ee7

Cryptocurrency exchange Binance has announced its full exit from Russia by selling its firm to the cryptocurrency exchange platform known as CommEX.

Binance has entered into an agreement to sell the entirety of its Russia business to CommEX, the firm said in an announcement to Cointelegraph on Sept. 27.

To ensure a smooth process for existing Russian users, the off-boarding process will take up to one year, the announcement reads. “All assets of existing Russian users are safe and securely protected,” Binance noted.

“As we look toward the future, we recognise that operating in Russia is not compatible with Binance’s compliance strategy,” Binance’s chief compliance officer Noah Perlman said, adding:

“We remain confident in the long-term growth of the web3 industry around the world and will focus our energy on the 100+ other countries in which we operate.”

This is a developing story, and further information will be added as it becomes available.

Source link

Rate this post

Leave a Reply

Your email address will not be published. Required fields are marked *