Noah

Binance, one of the world's leading cryptocurrency exchanges, has <a href="https://www.binance.com/ru/blog/all/binance-%D0%BE%D0%B1%D1%8A%D1%8F%D0%B2%D0%BB%D1%8F%D0%B5%D1%82-%D0%BE%D0%B1-%D1%83%D1%85%D0%BE%D0%B4%D0%B5-%D0%B8%D0%B7-%D1%80%D0%BE%D1%81%D1%81%D0%B8%D0%B8-%D0%B8-%D0%BF%D1%80%D0%BE%D0%B4%D0%B0%D0%B6%D0%B5-%D1%80%D0%BE%D1%81%D1%81%D0%B8%D0%B9%D1%81%D0%BA%D0%BE%D0%B3%D0%BE-%D0%B1%D0%B8%D0%B7%D0%BD%D0%B5%D1%81%D0%B0-%D0%BA%D0%BE%D0%BC%D0%BF%D0%B0%D0%BD%D0%B8%D0%B8-commex-8578760889994024403" rel="noopener noreferrer nofollow">announced</a> a significant shift in its global strategy. The company will sell its entire Russian operations to CommEX, a local financial platform. The decision comes as Binance aims to align its operations with its broader compliance strategy, according to Noah Perlman, the Chief Compliance Officer at Binance. 
The transition won't happen overnight. Binance plans to take up to a year to complete the shutdown of its Russian business. During this period, the company assures that all assets of its current Russian users will remain safe and secure. To facilitate this, Binance and CommEX will work together to inform users about the migration process. New users who have already verified their personal data will be partially moved to the CommEX platform. 
The deal sets Binance apart from other international companies that have previously done business in <a href="https://ultramining.com/news/en/russia-s-energy-ministry-charges-forward-to-legalize-crypto-mining/" rel="noopener noreferrer nofollow">Russia</a>. Unlike those deals, Binance will not retain any rights to profits after the sale. It also won't have the option to repurchase stakes in the business. Financial details remain confidential, but the agreement stipulates that Binance will cease all operations in Russia. 
Perlman stated that the company intends to focus its energies on expanding in the more than one hundred countries where it currently operates. Over the next few months, Binance will close its exchange services and other business lines in Russia. The company is committed to ensuring a seamless user experience during this transition period. 
The announcement marks a pivotal moment for Binance as it navigates regulatory landscapes and focuses on long-term growth. It also raises questions about the future of cryptocurrency regulation and business operations in <a href="https://ultramining.com/news/en/russia-s-energy-ministry-charges-forward-to-legalize-crypto-mining/" rel="noopener noreferrer nofollow">Russia</a>. With this deal, Binance makes a clear statement: compliance and global expansion are at the forefront of its strategic goals. 
The Binance exit from Russia also has implications for the broader cryptocurrency ecosystem, including mining pools like <a href="https://www.viabtc.net/signup?refer=533030" rel="noopener noreferrer nofollow">ViaBTC</a>, <a href="https://account.antpool.com/sign_up?method=2&amp;service=&amp;inviteCode=f9nZyT" rel="noopener noreferrer nofollow">Antpool</a>, and <a href="https://ultramining.com/news/en/nicehash-launches-rig-manager-for-enhanced-crypto-mining/" rel="noopener noreferrer nofollow">NiceHash</a>. These major mining pools could potentially feel the ripple effects of Binance's strategic move.&nbsp; 
For instance, <a href="https://www.viabtc.net/signup?refer=533030" rel="noopener noreferrer nofollow">ViaBTC</a> and Antpool, which have been popular choices for miners looking for reliable and profitable mining solutions, might experience an influx of new users who are migrating from Binance's platform. On the other hand, <a href="https://ultramining.com/news/en/nicehash-launches-rig-manager-for-enhanced-crypto-mining/" rel="noopener noreferrer nofollow">NiceHash</a>, known for its user-friendly interface and diverse mining options, could become an alternative for Russian miners seeking new platforms for their operations.

Binance Exits Russia in Landmark Deal with CommEX

Ultramining_Eng

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