Cryptocurrency exchange Binance has announced its complete departure from the Russian market by selling its business to CommEX, a cryptocurrency exchange platform. This move comes as Binance aims to align with its compliance strategy and focus on its operations in over 100 other countries.
Smooth Transition for Russian Users
Binance has assured its existing Russian users a smooth process by implementing an off-boarding procedure that will span up to a year. The exchange has emphasized that all assets of Russian users will remain safe and securely protected during this transition.
Binance Looks Ahead
Noah Perlman, Binance's chief compliance officer, explained that the decision to exit the Russian market was in line with the cryptocurrency exchange's compliance strategy. Perlman expressed confidence in the long-term growth of the web3 industry worldwide, stating that Binance would focus its energy on expanding in the 100+ other countries it operates in.
This is an ongoing development, and additional information will be provided as it becomes available.
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