Binance leaves Russia
Business
The company announced a complete cessation of operations in the country.
Crypto exchange Binance announced the signing of an agreement to sell its business in the country to the centralized crypto exchange CommEX.
“As we look to the future, we recognize that operating in Russia does not align with Binance's compliance strategy. We are confident in the long-term growth of the Web3 industry around the world and will focus our efforts on growing Binance in the more than one hundred countries in which we operate,” said Noah Perlman, General Manager of Compliance at Binance.
The company did not disclose the amount of the deal, but said that as part of the deal it would completely cease its operations in the country and would not repurchase its shares.
It is reported that the cryptocurrency exchange will close the remaining exchange services and other areas of business within a few months and will seamlessly interact with users during the transition period.
It is noted that the gradual transition of existing users and their assets to the CommEX platform will take up to a year.
“As we look to the future, we recognize that operating in Russia does not align with Binance's compliance strategy. We are confident in the long-term growth of the Web3 industry around the world and will focus our efforts on growing Binance in the more than one hundred countries in which we operate,” said Noah Perlman, General Manager of Compliance at Binance.
The company did not disclose the amount of the deal, but said that as part of the deal it would completely cease its operations in the country and would not repurchase its shares.
It is reported that the cryptocurrency exchange will close the remaining exchange services and other areas of business within a few months and will seamlessly interact with users during the transition period.
It is noted that the gradual transition of existing users and their assets to the CommEX platform will take up to a year.
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