Big news, Paradisers! Binance, one of the world’s leading cryptocurrency exchanges, is packing its bags and leaving Russia. They’ve struck a deal to sell their entire Russian operations to CommEX.
📰What’s the Deal?
Binance’s exit isn’t going to be an overnight affair. They’re ensuring a smooth transition for their Russian users, giving them up to a year to move their assets. And for those worried about their crypto holdings? Binance assures that all assets are safe and sound.
Noah Perlman, Binance’s Chief Compliance Officer, shed some light on the decision, stating that operating in Russia doesn’t align with Binance’s compliance strategy. However, they’re still bullish on the global growth of the Web3 industry and will continue to focus on the other 100+ countries they operate in.
📰What’s Next for Russian Users?
Binance and CommEX are joining forces to guide users on migrating their assets to CommEX. New users from Russia will gradually be directed to CommEX, and over the coming months, Binance will wind down all its services in the country. They’re committed to ensuring a hassle-free experience for users during this shift.
📰The Fine Print
While the financial nitty-gritty of the deal remains under wraps, one thing’s clear: Binance is cutting all ties with Russia. They won’t have any revenue share from the sale, nor will they retain any option to buy back shares in the business.
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