In the midst of an investigation by the SEC and other US agencies, Binance, the world’s largest crypto exchange platform, is causing a stir by making official its withdrawal from the Russian market, with the sale of its operations to CommEX, an emerging exchange asserting its official launch this Tuesday.
Binance sells Russian operations as part of compliance strategy
In a blog post published this Wednesday, September 27, Binance has officially declared its complete withdrawal from the Russian market, scheduled for the coming months, while announcing the sale of its operations to CommEX, a brand-new crypto exchange platform.
This decision comes at a time when Binance is under investigation by the U.S. Department of Justice, accusing it of helping to circumvent Russian sanctions.
Noah Perlman, Binance Compliance Officer explained in the company’s blog post that operations in Russia were incompatible with the strategy compliance strategy Binance. Thus, the decision to cede its position to CommEX is part of this compliance approach.
CommEX, the challenger that welcomes Binance users!
CommEX, short for Community Exchange, is a cryptocurrency exchange that has just been launched. Although its headquarters are not immediately identifiable, its website clearly states that all legal disputes will be handled by the Hong Kong International Arbitration Centre.
According to Binance, a proportion of new Russian user registrations subject to the KYC (Know Your Customer) procedure will be automatically redirected to CommEX, with the number gradually increasing over time.
To ensure a smooth transition for Russian Binance users to CommEX, the two platforms will work closely together to guide users through this process. In addition, Binance has committed to a transition period of up to one year to ensure a seamless user experience.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.
