Noah

<p>Binance, the world’s largest cryptocurrency exchange, has <a href="https://www.binance.com/en/blog/all/binance-fully-exits-russia-with-sale-to-commex-8578760889994024403" target="_blank" rel="noopener noreferrer nofollow">entered</a> into an agreement to entirely divest its Russia operations and customer base to local trading platform CommEX. This move comes as Binance aims to align with global compliance standards and pivots away from the Russian market.</p> 
<p>The sale, whose financial details remain undisclosed, will include the transfer of all Binance’s Russian assets and users to CommEX over the next 12 months. To maintain continuity of service throughout the transition period, CommEX and Binance will collaborate to smoothly migrate user accounts and cryptocurrency balances.</p> 
<p>According to Noah Perlman, Binance’s Chief Compliance Officer, disengaging from Russia aligns with the company’s renewed commitment to compliance as it eyes further international expansion. Unlike similar exits by multinational companies, Binance will relinquish all economic ties and equity in the Russia business after the sale.</p> 
<p>Binance will begin redirecting new Russian user registrations to CommEX immediately, gradually ramping up the transition over the coming year. The company states that extra care will be taken during this process to avoid disruption for existing Russian customers.</p> 
<p>The exit marks a notable strategic shift for Binance, which had previously withstood global pressure to cut ties with Russia amid economic sanctions related to the invasion of Ukraine. While crypto exchanges are not legally bound by these sanctions, the sale underscores Binance’s efforts to bolster its compliance reputation.</p> 
<p>As Binance focuses its efforts on its global user base across 100+ other countries, the handover to CommEX will allow the company to streamline operations and redirect resources away from the Russian market. This signals Binance’s willingness to make difficult but necessary decisions to align itself with the evolving global regulatory landscape.</p> 
<div class="bigofferblock margincenter mb30 pt20 pl20 pr20 " style=""> 
 <div class="col_wrap_two mb0"> 
  <div class="offerbox_big_wrap flowhidden"> 
   <div class="image position-relative text-center col_item mobileblockdisplay img-maxh-350 img-width-auto"> <a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <img decoding="async" class="lazyload" data-skip-lazy="" data-src="https://captainaltcoin.com/wp-content/uploads/thumbs_dir/etoro-ca-1-oyc386si1bdrmhrff7xex5ngu4zikfy3ei6bk0rbb6.png" width="500" alt="We recommend eToro" src="https://captainaltcoin.com/wp-content/themes/rehub-theme/images/default/blank.gif"> </a> 
   </div> 
   <div class="product-summary col_item mobileblockdisplay"> 
    <h3 class="product_title entry-title font150 lineheight25 mb30" id="a-class-re_track_btn-href-https-captainaltcoin-com-go-etoro-target-_blank-rel-noopener-noreferrer-nofollow-span-we-recommend-etoro-span-a"> <a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <span>We recommend eToro</span> </a> </h3> 
    <div class="rev_disclaimer font70 greencolor lineheight15 mb20"> <strong>74% of retail CFD accounts lose money.</strong> 
    </div> 
    <div class="buttons_col mb25 rh_big_btn_inline"> 
     <div class="priced_block clearfix"> 
      <div> <a class="re_track_btn btn_offer_block" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> Visit eToro Now </a> 
      </div> 
     </div> 
    </div> 
    <div class="bigofferdesc"> <i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Active user community and social features like news feeds, chats for specific coins available for trading. 
     <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. 
     <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Copy trading: allows users to copy the trades of leading traders, for free. 
     <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate. 
     <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc. 
    </div> 
   </div> 
  </div> 
 </div> 
</div> 
<p>The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/binance-agrees-to-sell-the-entirety-of-its-business-in-russia-to-this-exchange/">Binance Agrees to Sell The Entirety of Its Business in Russia to This Exchange</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Binance Agrees to Sell The Entirety of Its Business in Russia to This Exchange

Table of Contents

CaptainAltcoin

Other articles published on Sep 27, 2023

TON: What you should know about blockchain by Telegram team

Court Approves Binance’s Request for Extension in SEC Lawsuit

Best Cryptos To Buy Now According To Reddit Users 2023

JPMorgan’s Chase Bank Bans Crypto Transactions In UK Citing Surge In Scams

Binance Coin's 1.16% Surge to $215.24: Key Insights for September 27, 2023

Belgian Market Maker KeyRock Acquires Swiss Anti-Money Laundering Approval

Join our free newsletter for daily crypto updates!