Moscow, Wednesday, September 27: Binance, the world’s largest cryptocurrency exchange, announced Wednesday that it was exiting the Russian market.
The company said it would sell its Russian business to CommEX, a newly launched exchange. 1
The move comes as Russia faces international sanctions over its invasion of Ukraine. Binance has been under pressure from regulators to take action against Russian users. In March, the company banned Russian users from trading in all non-ruble currencies.
Binance’s decision to exit the Russian market is seen as a blow to the country’s cryptocurrency community. Russia is one of the largest markets for cryptocurrencies in the world.
In a statement, Binance said that it was “taking the necessary steps to comply with all applicable laws and regulations.” The company also said that it was committed to “protecting its users and their assets.”2
It is unclear how the sale of Binance’s Russian business to CommEX will affect Russian users. CommEX is a relatively new exchange, and it is still being determined whether it will be able to provide the same level of service as Binance.
Binance is the world’s largest cryptocurrency exchange by trading volume. The company was founded in 2017 and is headquartered in Malta. Binance provides an extensive array of cryptocurrency trading services, including spot trading, margin trading, and derivatives trading.
Russia is one of the largest markets for cryptocurrencies in the world. In 2021, the Russian central bank estimated that the value of cryptocurrency transactions in Russia was over trillion.
- Binance: https://www.binance.com/en/feed/post/1217576[↩]
- Binance: https://www.binance.com/en/blog/all/binance-fully-exits-russia-with-sale-to-commex-8578760889994024403[↩]
