Breaking: Binance pulls out of Russia, selling local subsidiary to CommEx
Binance, the popular crypto exchange, is exiting Russia and selling its local business to CommEX. In a statement, Binance also said it will take a year to completely pull out. Funds of its Russian users will not be affected. Noah Perlman, Binance’s chief compliance officer (COO), cited incompatibility with its compliance strategy in the current regulatory environment as the reason for exiting Russia. However, Binance remains optimistic about the long-term growth potential of web3. Consequently, the company will refocus its efforts on its operations in more than 100 other countries. You might also like: Russia’s central bank is set to launch digital ruble by 2025 To facilitate a smooth transition for users, Binance will streamline the exit process from Russia. This will involve terminating its partnership with CommEX and providing users with guidance on transferring their assets to CommEX. New users who have completed know-your-customer (KYC) registration in Russi...