The world’s largest cryptocurrency exchange continues to scale back its global operations under intense scrutiny from regulators and prosecutors.
On Tuesday, Binance announced the sale of its Russian entity to CommEX, another crypto platform whose X (formerly Twitter) account explain——and its website——The exchange was officially launched on the same day. Neither party disclosed financial details.
Binance said that with the sale to CommEX, it will be “completely exiting Russia” — with no revenue share with the new exchange and no option to buy back shares. The company added that the transition process will be gradual and take up to a year.
“Going forward, we recognize that doing business in Russia is incompatible with Binance’s compliance strategy,” Binance Chief Compliance Officer Noah Perlman said in a statement. “Our global commitment to We remain confident in the long-term growth of the web3 industry and will focus our efforts on the more than 100 other countries in which we operate.”
CommEX did not immediately respond to a request for comment when contacted at the email address listed wealth. Details about where the exchange was registered or the identity of the company’s chief executive or senior management were not immediately available.
There were previous reports that Binance Russia entities were doing business with some lenders sanctioned by Western countries following Russia’s invasion of Ukraine.According to statistics, there are at least five lending institutions wall street journalpayments are being processed for peer-to-peer transactions, or when an exchange’s customers buy and sell with each other rather than through a market maker.
Binance’s exit from Russia follows a series of other recent incidents, including in France, Cyprus,as well as Netherlands.Binance also said it would leave Belgiumbut recently it reversed course, explain New user registration is now open.
A 136-page lawsuit from the U.S. Securities and Exchange Commission prompted Binance to take off from many international locations. SEC Chairman Gary Gensler said in a statement: “Through 13 counts, we allege that Zhao and the Binance entities engaged in widespread deception, conflicts of interest, lack of disclosure, and intentional circumvention of the law. network.”
Cryptocurrency exchanges led by CEO Changpeng Zhao have been thrown into relative disarray after the government filed a lawsuit.A series of executives have backed off on Zhao’s response to the ongoing Justice Department investigation, Binance has made a series of layoffs, and the exchange’s U.S. peer Binance.US has seen changes in trading volumes linear decrease.
In CommEX’s Russian Telegram group, a user asked for details about who exactly owns and operates CommEX shortly after the group was created.
Another responded: “I think it’s pretty obvious.”
A Binance spokesperson reiterated wealth The company has exited Russia entirely: “Neither Binance nor its executives share shares or profits with CommEx.”
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