According to recent reports, Binance announced plans to withdraw completely from the Russian market. The case involved the sale of its entire business division in Russia to the newly founded cryptocurrency exchange, CommEX.
For Binance users based in Russia, this transition is promised to be smooth. In collaboration with CommEX, Binance will closely monitor its customers in moving their assets to this new platform. So, a small number of Binance users in Russia have completed their (KYC) procedures.
Additionally, the Binance exchange will gradually close its operations in the region over the next few months.
“Binance will make every effort to maintain a smooth user experience during this transition,” Binance said.
However, Binance firmly emphasized that it will not consider any reduction in ongoing revenue from the sale. Additionally, the company explained that it does not have the option to repurchase shares in the business at any time.
Binance has faced legal challenges in Russia, especially regarding the issue of complying with western restrictions on the country. Despite these challenges, it continued to promote its services to Russian users until August 2023.
In addition, CEO Changpeng Zhao also emphasized that holders of the Binance token, BNB, will still benefit from a 25% trading discount on CommEX.
Even though Binance is willing to cease operations in one of its biggest markets, it remains optimistic about the growth of the Web3 industry worldwide. The company remains steadfast and continues to focus on its operations in more than 100 other countries.
