Binance fully exits Russia with sale to CommEX
Cryptocurrency exchange Binance has announced its full exit from Russia by selling its firm to a newly launched crypto exchange business known as CommEX.
Binance has entered into an agreement to sell the entirety of its Russia business to CommEX, the firm said in an announcement to Cointelegraph on Sept. 27. The exchange didn't disclose the financial details of the deal.
To ensure a smooth process for existing Russian users, the off-boarding process will take up to one year, the announcement reads. “All assets of existing Russian users are safe and securely protected,” Binance noted.
“As we look toward the future, we recognize that operating in Russia is not compatible with Binance’s compliance strategy,” Binance chief compliance officer Noah Perlman said, adding:
Binance will ensure to provide its customers with an orderly process for the migration of users. In cooperation with CommEX, Binance will inform users how to migrate their assets to the newly created exchange.
The user migration process will allow a portion of Russian users with completed Know Your Customer checks to be immediately redirected to CommEX. Binance will gradually sunset its platform in Russia over the next several months.
“Every effort will be made to maintain a smooth user experience during this transition,” Binance stated in the announcement.
Binance CEO Changpeng Zhao also noted that holders of Binance’s native token, BNB (BNB), will “continue to enjoy” a 25% trading discount on CommEX.
Everything will be done to ensure a smooth transition. All user funds are safe!
Also:
Among other things, #BNB holders will continue to enjoy a 25% trading fee discount on @CommEX_com. https://t.co/52pak53CqE
The announcement emphasized that Binance will fully exit Russia
Read more on cointelegraph.com
