In recent crypto news, Binance Holdings Ltd has announced the sale of its entire Russian operations to the newly formed exchange CommEX, following a probe over possible violations of sanctions imposed against Russia by the U.S. authorities. Binance’s Chief Compliance Officer, Noah Perlman, stated that the company’s decision to exit Russia is due to the incompatibility of operating in the country with Binance’s compliance goals.
The Binance Exit!
The announcement comes at an interesting time, as CommEX had only been launched a day prior to this news. Registered in Seychelles, CommEX aims to serve the Russian crypto market. Binance’s exit from Russia will likely become a major talking point at the upcoming Benzinga’s Future of Digital Assets conference on November 14th, where industry experts will discuss the evolving landscape of digital assets and the implications of strategic business decisions of this nature.
Binance Execs in Russia Depart as Company Contemplates Country Exit
Despite the exit, Perlman has reaffirmed Binance’s optimism about the long-term growth prospects of the Web3 industry globally. The company will continue to expand and offer quality services in over 100 countries.
Binance will be phasing out all its exchange services and business lines in Russia over the next few months. The company has stated its intention to provide a seamless user experience for its Russian customers during the transition.
The U.S. Justice Department (DOJ) is investigating Binance for possible violation of U.S. sanctions by Russian users. Binance left Russia as part of their compliance with global regulations in the cryptocurrency market.
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Disclaimer: Please note that this article serves solely for informational purposes. As such, it is not financial advice. We strongly advise readers to conduct thorough research and consult with financial professionals before making any investment decisions.
