Binance is selling its Russia operations to CommEX, focusing on rule compliance in its 100+ other global markets.
Binance, a well-known cryptocurrency exchange, has decided to leave Russia. They are selling their entire business there to another crypto exchange called CommEX. This big change was announced on September 27.
For Russian users of Binance, there’s no need to worry immediately. The change won’t happen overnight. It will take up to a year to move everything over to CommEX. During this time, the money and assets of Russian users will be safe and well-looked after.
Why is Binance leaving? The company's Chief compliance Officer, Noah Perlman, explained that. Binance wants to make sure they are following all the rules properly. But in Russia, this is becoming difficult. So, they decided it's better to focus on other countries where they can ensure they are compliant with all regulations. Binance operates in over 100 other countries, and they are optimistic about growing their business there.
In simple terms, Binance is leaving Russia to avoid any compliance issues and will concentrate on expanding their business in other parts of the world where they can ensure they meet all legal requirements. Russian users of Binance will be transitioned to CommEX safely over the next year.
