{"id":23730,"date":"2023-09-27T11:44:29","date_gmt":"2023-09-27T11:44:29","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/binance-announces-full-exit-from-russia-sells-business-to-commex\/"},"modified":"2023-09-27T11:44:29","modified_gmt":"2023-09-27T11:44:29","slug":"binance-announces-full-exit-from-russia-sells-business-to-commex","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/binance-announces-full-exit-from-russia-sells-business-to-commex\/","title":{"rendered":"Binance Announces Full Exit from Russia, Sells Business to CommEX"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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The world\u2019s largest cryptocurrency exchange, Binance, has made the strategic decision to sell up all of its operations in Russia due to regulatory issues. The exchange is about to completely exit the Russian market when it sells its business to CommEX.<\/p>\n

Compliance Takes Center Stage<\/strong><\/p>\n

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As he reiterated the exchange\u2019s dedication to upholding compliance standards, Noah Perlman, the chief compliance officer of Binance, said, \u201cAs we look toward the future, we recognize that operating in Russia is not compatible with Binance\u2019s compliance strategy.\u201d<\/em> This choice was made in the context of increased regulatory scrutiny and difficulties that crypto exchanges operating in various jurisdictions are encountering.<\/p>\n

A recent Tuesday saw the formal opening of CommEX, a cryptocurrency exchange, and it is planned to buy Binance\u2019s Russian operations. When the exchange added the BTC\/USDT and ETH\/USDT trading pairs for spot trading in July, it caused a stir. On Wednesday, CommEX welcomed \u201cnew users from Russia and around the world\u201d to its social media platform X (previously Twitter).<\/p>\n

Compliance and Sanctions<\/strong><\/p>\n

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Concerns about adhering to international sanctions played a role in Binance\u2019s decision to leave the Russian market<\/a>. The exchange came under investigation by the Department of Justice earlier this year for possible crimes connected to Russian users accessing its platform, perhaps in violation of American sanctions relating to Russia\u2019s operations in Ukraine. Binance cut relations with sanctioned Russian banks in retaliation, in August.<\/p>\n

A Complete Exit Strategy<\/strong><\/p>\n

Binance is putting into action a complete departure strategy from Russia with the sale to CommEX. According to the exchange, \u201cBinance will sunset all exchange services and business lines in Russia\u201d during the next several months. Notably, Binance will not maintain any ongoing revenue-sharing arrangements or an opportunity to repurchase shares in the company, making this divestiture agreement distinct from others involving foreign firms in Russia.<\/p>\n

The European Union, the United States, and a few other countries have been specifically excluded from CommEX\u2019s client onboarding approach.<\/p>\n

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Safe Transition for Russian Users<\/strong><\/p>\n

An extensive off-boarding procedure is being carried out for Binance\u2019s current Russian user base. The consumers will experience a seamless transition because this procedure is anticipated to take up to a year. Customers have been informed by CommEX that their assets are safe and secure throughout this transition.<\/p>\n

As Binance takes this action to leave the Russian market, it emphasizes how the regulatory compliance environment in the cryptocurrency business is changing and the exchange\u2019s determination to overcoming these difficulties while preserving its worldwide footprint.<\/p>\n<\/p><\/div>\n

Source link <\/a>
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(Originally posted on : Crypto News – iGaming.org ) The world\u2019s largest cryptocurrency exchange, Binance, has made the strategic decision to sell up all of its operations in Russia due to regulatory issues. The exchange is about to completely exit the Russian market when it sells its business to CommEX. Compliance Takes Center Stage Get […]<\/p>\n","protected":false},"author":34,"featured_media":23731,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/23730"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=23730"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/23730\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/23731"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=23730"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=23730"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=23730"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}