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 <p class="is-style-lead">Binance, the popular crypto exchange, is exiting Russia and <a rel="dofollow" title="selling" href="https://thebittimes.com/tag/selling.html">selling</a> its <a rel="dofollow" title="local" href="https://thebittimes.com/tag/local.html">local</a> business to CommEX. In a statement, Binance also said it will take a year to completely pull out. </p> 
 <p>Funds of its Russian users will not be affected.</p> 
 <p>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. </p> 
 <p>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.</p> 
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 <p>To facilitate a smooth transition for users, Binance will streamline the exit process from Russia.</p> 
 <p>This will involve terminating its partnership with CommEX and providing users with guidance on transferring their assets to CommEX. </p> 
 <p>New users who have completed know-your-customer (KYC) registration in Russia will be gradually redirected to CommEX.</p> 
 <p>Changpeng Zhao, the CEO of Binance, has confirmed the exit, asserting that user funds are safe.</p> 
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    <p lang="en" dir="ltr">Everything will be done to ensure a smooth transition. All user funds are safe!<br><br>Also:<br><br>Among other things, #BNB holders will continue to enjoy a 25% trading fee discount on @CommEX_com. https://t.co/52pak53CqE</p>— CZ Binance (@cz_binance) September 27, 2023
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 <p>In the coming months, Binance will progressively shutter all exchange services and business operations in Russia, ensuring a seamless experience for its users during this transition.</p> 
 <p>Although specific agreement details are undisclosed, it’s confirmed that Binance’s departure from Russia means a complete exit from the market. The company won’t keep any share of the sale proceeds or have the option to repurchase business shares.</p> 
 <p><em><strong>This is a developing story, more updates to follow</strong></em></p> 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/breaking-binance-pulls-out-of-russia-selling-local-subsidiary-to-commex-tbt64153.html">https://thebittimes.com/breaking-binance-pulls-out-of-russia-selling-local-subsidiary-to-commex-tbt64153.html</a></p>

Breaking: Binance pulls out of Russia, selling local subsidiary to CommEx

TheBitTimes

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