WSJ: Binance Considers to Windup its Business in Russia

Binance is facing different regulatory issues in Russia and therefore reevaluating its services in Russia. According to a recent news disclosed by the Wall Street Journal (WSJ) creates hype in the market that Russia is considering to wind up its business in Russia. The spokesperson of Binance in Russia gave an exclusive interview to the Wall Street Journal in which the next strategies were disclosed regarding the regulation of Binance in Russia.

WSJ Discloses Binance’s Strategy

According to a recent report shared by the Wall Street Journal (WSJ), Binance is reevaluating its business in Russia. Binance, the world’s largest cryptocurrency exchange has been facing tough circumstances for the last couple of months.  The same is the case in Russia, Binance is facing tough and crucial legal risks in Russia and therefore considering winding up its services in Russia.

The spokesperson of Binance says that they are looking for different strategies and options regarding the ongoing scenario. Either Binance will halt a few of its services in Russia or fully withdraw and wind up its business in Russia. It is important to note that, the peer-to-peer service of Binance eliminated five of its lenders which were previously given the means for transferring the rubbles.

Legal and Regulatory Issues

WSJ reports that Binance has aided customers in transferring their funds abroad. The report followed the investigation carried out by the US Justice Department back in May. The investigations detailed and alleged that Binance surpassed the US through Russia.  

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Binance is facing tough circumstances and is being alleged for violating different rules and regulations. Back in March 2023, Binance was charged with a case regarding the Commodities Futures Trading Commission (CFTC). Last month, the Securities and Exchange Commission (SEC) also sued Binance and its CEO (Chief Executive Officer), Changpeng Zhao for violating securities laws.