Bitcoin News and Finance
Binance Ending Operations in Russia — Crypto Exchange to Focus on 100+ Other Countries Skip to main content

Binance Ending Operations in Russia — Crypto Exchange to Focus on 100+ Other Countries

Binance Ending Operations in Russia — Crypto Exchange to Focus on 100+ Other Countries

Crypto exchange Binance is closing down all exchange services and business lines in Russia. The company has entered into a sales agreement with Commex. A Binance executive explained that operating in Russia is not compatible with the company’s compliance strategy. “We remain confident in the long-term growth of the Web3 industry around the world and will focus our energy on the 100+ other countries in which we operate,” he emphasized.

Binance Fully Exiting Russia

Cryptocurrency exchange Binance announced Wednesday that it will fully exit Russia. According to the announcement: “ has entered into an agreement to sell the entirety of its Russia business to Commex.” According to its website, Commex is “a centralized cryptocurrency exchange backed by top-tier crypto VC.”

Binance added that to “ensure a smooth process for existing Russian users, the off-boarding process will take up to one year.” Noting that the financial details of the deal will not be disclosed, the crypto exchange stressed:

It is important to note that with this sale, Binance fully exits Russia.

“Unlike similar deals from international companies in Russia, Binance will have no ongoing revenue split from the sale, nor does it maintain any option to buy back shares in the business,” the cryptocurrency exchange clarified.

On Thursday, Binance CEO Changpeng Zhao (CZ) provided some clarifications regarding the sale of Binance’s Russian operations to Commex. He wrote on X: “Commex does not service U.S. or EU users. They have IP and KYC blocks. This is a term we asked for in the deal … Their design, APIs, etc are similar to Binance. We asked for this to ensure a smooth user experience.” CZ further said: “I am not their UBO [ultimate beneficial owner], nor do I own any shares there. The deal does not have any buyback options.”

Noah Perlman, Binance’s chief compliance officer, described:

As we look toward the future, we recognize that operating in Russia is not compatible with Binance’s compliance strategy.

“We remain confident in the long-term growth of the Web3 industry around the world and will focus our energy on the 100+ other countries in which we operate,” Perlman opined. According to Binance’s website, the crypto exchange is available in over 100 countries globally. However, only 45 countries are specifically mentioned.

Binance explained that “A portion of Russian KYC’d new user registration will immediately be redirected to Commex and will scale up over time.” The exchange continued:

Over the next several months, Binance will sunset all exchange services and business lines in Russia.

What do you think about Binance closing down all of its crypto exchange services in Russia? Let us know in the comments section below.

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory