“As we look to the future, we recognize that operating in Russia is not compatible with Binance’s compliance strategy. We remain confident in the long-term growth of the Web3 industry globally and are committed to focusing our energy on growing Binance in the more than one hundred countries where we operate,” said Noah Perlman, chief compliance officer at the company.
Over the next few months, the company will close its exchange services and other business areas in Russia. The entire shutdown process will take up to one year. Binance, together with CommEX, will guide users through the process of transferring their assets to the CommEX platform.
“While the financial details of the transaction remain confidential, it should be noted that as part of this agreement, Binance will completely cease its operations in Russia,” the company said.
In early September, it became known that two top managers left Binance amid the company’s litigation with financial regulators in the US and Europe. Binance’s director in Eastern Europe, Gleb Kostarev, and director in the CIS, Vladimir Smerkis, announced their resignation.
Amid rumors of a withdrawal from Russia, cryptocurrency exchange Binance’s support team told Bits.media earlier in September that the platform would allow clients from Russia to withdraw their assets in the event of the exchange’s withdrawal from the Russian market.
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