cryptodnes.bg
Binance, the world's leading crypto exchange, is withdrawing completely from the Russian market due to legal uncertainty. The exchange preferred to sell its Russian operations to the newly launched crypto platform CommEX.
Binance's Chief Compliance Officer, Noah Perlman, explain, that the regulatory landscape in Russia does not match Binance's strategy. The company remains optimistic about the global growth of the Web3 industry and will shift its focus to the other countries it serves.
Users in Russia do not have to worry about their assets as Binance ensures their safety during the exit process, which can last up to a year.
Binance is committed to cooperating with CommEX, to facilitate the smooth transfer of assets. In the coming months, Binance will gradually cease all services and business activities of the exchange in Russia. Notably, Binance will not receive an ongoing share of the sale proceeds, nor will it retain an option to repurchase shares in the acquired business.
Earlier, Binance's peer-to-peer service removed five sanctioned Russian lenders, which disrupted ruble transfers. There have also been reports of Binance's involvement in helping Russians transfer funds abroad, sparking investigations into potentially circumventing US sanctions.
In the US, Binance is under the supervision of various regulatory bodies, including the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). In March, the CFTC filed suit against Binance, and in June, the SEC seduce lawsuit against the exchange and CEO Changpeng Zhao for alleged securities law violations.