Binance has sold its business in Russia and will transfer all clients to CommEX – Kommersant
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The Binance cryptocurrency exchange announced that it is selling its entire Russian business to CommEX without the possibility of a buyback. The crypto exchange emphasizes that all assets of Russian users are “safe and securely protected.” It will take up to one year for existing users to migrate to another platform. The transaction amount is not disclosed.
“Looking to the future, we recognize that operating in Russia is not compatible with Binance’s compliance strategy,” says press service words from Chief Compliance Officer Noah Perlman.
Binance will soon inform users about the transfer of their assets to the CommEX platform. Newly registered users who have completed the personal data verification procedure will be partially redirected to the CommEX platform. Binance will close all exchange services in Russia over the next few months.
“While the financial details of the transaction remain confidential, it should be noted that as part of this agreement, Binance will completely cease its operations in Russia. Unlike transactions previously carried out by international companies in Russia, Binance will not have the right to receive part of the profit after the sale and the possibility of repurchasing shares in the business,” the press release says.
August 26 Binance limited for Russians to trade any currency through Binance P2P (peer-to-peer, “from person to person”), with the exception of the ruble. This applied to clients who passed the Know Your Customer (KYC) verification in Russia. On September 6, two top managers of Binance responsible for the Russian business announced about care. The director of Binance in Eastern Europe, Gleb Kostarev, and the director in the CIS, Vladimir Smerkis, left their positions.
Read more in the Kommersant FM article. “Binance is full of rumors”.
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