A year after announcing its complete withdrawal from Russia, cryptocurrency exchange Binance continues to serve a “limited number of existing Russian users,” writes Cointelegraph citing a statement from a trading platform representative.
According to him, Binance “adheres to global sanctions regulations” and “fully complies with restrictions on individuals, entities and countries subject to international sanctions.”
He added that compliance “remains the company’s highest priority,” and its goal is to create “industry-leading compliance programs that effectively collaborate with law enforcement agencies around the world.”
Binance’s Russian-language Telegram community remains active, with over 127,000 subscribers at the time of writing. In January 2024, it informed Russian users that they can no longer trade on the platform.
Cointelegraph noted that from August 2023 to July 2024, Binance website traffic from Russia fell by 43%. However, the country remains one of the largest sources of traffic for the exchange, along with Turkey and Vietnam, accounting for 6% of total visits.
Top 10 countries by number of Binance website visitors from August 2023 to July 2024. Data: SimilarWeb.
In a comment to the publication, a Binance representative attributed this figure to the continued “servicing of a limited number of existing Russian users.”
After announcing its exit from the Russian market in September 2023, Binance sold its local business to a new exchange, CommEx. Details of the deal were not disclosed, and the parties denied any direct connection between them.
In March 2024, CommEx officially announced that it would cease operations completely. Binance stated that the platform had failed to fulfill its obligations.
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Source: Cryptocurrency
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