Binance continues to serve Russian users despite 2023 exit

Cryptocurrency speech Binance still serves immoderate Russian clients contempt announcing a complete exit from Russia successful 2023.

“We proceed to service a constricted number of existing Russian users to guarantee their integer assets stay safe and secure,” a spokesperson for Binance told Cointelegraph connected Sept. 25.

The Binance typical emphasized that nan crypto speech “adheres to world punishment regulation” and “fully complies pinch restrictions connected individuals, entities and countries taxable to world sanctions.”

Operating successful Russia was “not compatible pinch Binance’s compliance strategy”

The announcement marks 1 twelvemonth since Binance completed its afloat exit from nan Russian marketplace by trading its section operations to a caller speech called CommEx. In nan connection released connected Sept. 27, 2023, nan companies did not uncover nan deal’s financial details.

At nan time, Binance’s main compliance officer, Noah Perlman, claimed location was nary measurement for nan patient to enactment successful Russia while ensuring regulatory compliance. He stated:

“As we look toward nan future, we admit that operating successful Russia is not compatible pinch Binance’s compliance strategy.”

In a caller connection to Cointelegraph, Binance reiterated that compliance “remains its highest priority,” and its extremity is to found “industry-leading compliance programs that cooperate efficaciously pinch rule enforcement worldwide.”

CommEx unopen down operations successful April 2024

A fewer months aft transitioning Binance’s Russian users to its platform, CommEx officially announced that it would unopen down operations wholly by April 2024.

The exchange, antecedently chartless earlier Binance’s exit from Russia, has ne'er revealed immoderate specifications astir its founders aliases cardinal executives. Although CommEx denied immoderate nonstop relationship pinch Binance, it acknowledged that its squad included immoderate erstwhile labor of Binance Russia.

While Binance claimed to terminate its Russian business past year, its Russian organization has remained vibrant connected societal media since it announced its exit.

Binance’s Russian-language news transmission connected Telegram has astir 130,000 subscribers. It has continued sharing updates astir caller token listings connected Binance Launchpool despite informing its Russian users that they tin nary longer waste and acquisition connected nan platform.

The latest station from Binance’s Russian-language transmission connected Telegram posted connected Sept. 26. Source: Telegram

“Access to Binance P2P for citizens of nan Russian Federation who reside extracurricular nan Russian Federation and who person confirmed this via impervious of reside will stay unchanged,” nan transmission said successful a station successful January 2024.

Russia a awesome marketplace connected Binance complete nan past year

Since Binance announced its exit from Russia, its section website visits person seen a important decline.

According to information shared by nan web analytics level SimilarWeb, Binance’s website postulation successful Russia dropped 43% from August 2023 to July 2024.

Despite a notable decline, Russia remained 1 of nan biggest postulation sources for Binance’s website, accounting for 6% of its full visits.

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Russia’s postulation stock is comparable pinch different awesome markets connected Binance, including Turkey and Vietnam, which relationship for 8% and 6.6% of its full traffic, respectively.

Top 10 countries by visitors to Binance’s website from August 2023 to July 2024. Source: SimilarWeb

Binance declined to show Cointelegraph whether its important postulation stock successful Russia aliases definite services to Russian users mean it has continued operating successful nan market. The company’s spokesperson stated:

“It only intends that we proceed to service a constricted number of existing Russian users. And we will pass nan organization of early plans.”

The news comes aft Binance CEO Richard Teng announced that nan speech surpassed $100 trillion successful all-time waste and acquisition measurement successful September.

Binance’s erstwhile CEO and founder, Changpeng Zhao, is expected to beryllium released from situation successful nan United States connected Sept. 29.

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