Earlier this month it was reported that Binance was considering winding up its services in Russia. It was uncertain whether Russia would withdraw a few of its services or completely wind up its business in Russia due to unjustified rules and regulations imposed by the state laws.
Now, Binance finally ended its business in Russia and handed over the business to CommEX. Binance assured the Russian clients that their assets are safe and duly protected. Binance is selling its business to a newly launched cryptocurrency exchange CommEX. Binance hasn’t disclosed the financial details of the deal with CommEX and to close its business in Russia.
Binance’s Complete Exit from Russia
Noah Perlman, the Chief Compliance Officer (CCO) disclosed Binance’s exit from Russia. He said that a long-time run in Russia doesn’t align with the compliance strategy of Binance. Exiting from Russia wouldn’t affect the business and clients of Binance at the global level but rather lead Binance to achieve its goals.
He was of the view that Binance could foresee the long-term growth and development of Web3 space across the globe. Therefore, Binance will focus and utilize its energies and strategies in 100+ countries in which Binance is operating.
Execution of the Plan
Binance is selling its business to a newly launched cryptocurrency exchange CommEX. Financial details of the deal remain unclosed however Binance assured the clients about the safety of their digital assets. There will be a proper and orderly process to migrate the digital assets of Binance users to CommEX.
Binance is partnering with CommEX and will properly guide the users that how to transfer their funds to the new exchange. In the coming couple of months, Binance will carry out all the procedures and clearance processes to windup its business. Binance will put all efforts into completing the process in a secure and reliable way so that users may not get disturbed regarding their assets.
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