Cryptocurrency exchange Binance finally ceases operations in Russia

Today, on September 27, the world’s largest cryptocurrency exchange Binance announced its final exit from the Russian market. This became known from a post on the company’s blog.

«As we look to the future, we realize that operating in Russia is incompatible with Binance's compliancestrategy,» said Noah Perlman, chief compliance officer at Binance, «We remain confident in the long-term growth of the Web3 industry globally and will focus our energy on the more than 100 countries in which we operate.»

Binance has entered into an agreement to sell its entire Russian business to CommEX. To ensure a smooth process for existing Russian users, the exit process will take a year. All the assets of the occupiers, according to the crypto exchange representatives, «are safe and secure».

«…it is important to note that with this sale, Binance is completely withdrawing from Russia,» the crypto exchange emphasized.

Earlier, journalists of The Wall Street Journal accused the cryptocurrency exchange Binance of helping Russians circumvent sanctions. According to experts, the exchange allowed citizens of the terrorist country to transfer money abroad. Last October, the EU tightened sanctions against the killer country regarding cryptocurrency transactions in the eurozone. Companies with a European license were banned from opening accounts and crypto wallets for citizens of the aggressor state.