Before officially “stepping out,” Binance is set to carry out its final move in Russia by selling its entire business division in Russia to the newly launched cryptocurrency exchange, CommEX.
For Binance users in Russia, the transition process promises to be seamless. Collaborating with CommEX, Binance aims to meticulously guide customers on how to transfer their assets to the new platform. Additionally, the exchange commits to maintaining a smooth experience for all users during this transition.
Furthermore, CEO Changpeng Zhao emphasized that holders of Binance’s native token, BNB, will still benefit from a 25% trading fee discount on CommEX.
As of now, some of Binance’s Russian users who have completed their Know Your Customer (KYC) verification will be swiftly redirected to CommEX.
Notably, unlike some other international companies exiting Russia, Binance has committed not to accept any revenue cuts from this transfer process.
In recent times, Binance has faced significant legal hurdles in Russia, primarily stemming from compliance issues with Western sanctions against the country.
However, despite these challenges, the exchange continued promoting its services to Russian users until August 2023. The situation began to change when top Russian executives at Binance decided to depart from the company in early September.
“As we look to the future, we recognize that operations in Russia are not in line with Binance’s compliance-first strategy.”
– Noah Perlman, Global Chief Compliance Officer at Binance
Although Binance is preparing to cease operations in one of its major markets, the company remains optimistic about the development of the Web3 industry worldwide. The company remains steadfast, focusing on its activities in over 100 other countries.