Binance Exits Russian Market as CommEX Takes Over

Binance Exits Russian Market as CommEX Takes Over

According to a recent report, Binance announced its plans to depart from the Russian market completely. Significantly, the move involves the sale of its entire Russian business division to the newly inaugurated cryptocurrency exchange, CommEX.

A Smooth Transition Ensured for Users

For Binance users based in Russia, the transition promises to be seamless. In collaboration with CommEX, Binance aims to meticulously guide its clientele on migrating their assets to the new platform. Consequently, a fraction of Binance’s Russian users who have completed their Know Your Customer (KYC) procedures will be swiftly redirected to CommEX.

Moreover, the renowned exchange will methodically wind down its regional operations over the coming months.

“Every effort will be made to maintain a smooth user experience during this transition,” Binance confirmed.

However, the exchange was adamant about the nature of its departure. Unlike some international companies exiting Russia, Binance emphasized it won’t entertain any ongoing revenue cut from the sale. Additionally, the company clarified that it doesn’t retain the option to repurchase shares in the business at any point.

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Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


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