Binance, the world’s largest cryptocurrency exchange, has made a notable decision that has attracted attention. According to the statement made by Binance, the company has decided to withdraw from the Russian market by selling all of its assets. Here are the details!
Binance is withdrawing from the Russian market!
Binance, which holds a significant position in the cryptocurrency exchange market, has come into the spotlight with a statement. The announcement was made through the company’s Twitter account, stating that an agreement has been reached to sell all of Binance’s assets in Russia to the cryptocurrency exchange CommEX.
As a result, it was also stated that the company would completely exit the Russian market. To ensure that there are no issues for Binance’s Russian users, it was mentioned that the exit process would take one year. This way, the company is preventing Russian users from facing any problems.
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Binance will now focus on more than 100 other countries where it currently operates. Binance’s Chief Compliance Officer (CCO), Noah Perlman, stated the following in the announcement: “As we look to the future, we see that operating in Russia is not in line with Binance’s compliance strategy.”
Cryptocurrency activities in Russia had been increasing in recent times due to sanctions imposed by Western countries. In response to this, the company imposed various restrictions in Russia. Additionally, Binance is dealing with a lawsuit filed by the U.S. Securities and Exchange Commission (SEC).
What are your thoughts on Binance’s decision regarding Russia? Don’t forget to share your opinions with us in the comments section!
