- September 27, 2023
- Posted by: legaleseblogger
- Category: Related News
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Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, and Litecoin are seen in front of a displayed Binance logo in this illustration taken, June 28, 2021. REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing Rights
Cryptocurrency Exchange Binance to Sell Russia Business Amid Conflict with Ukraine
Sept 27 (Reuters) – Cryptocurrency exchange Binance announced on Wednesday that it will sell its Russia business to newly-launched exchange CommEX. This move comes as tensions between Russia and Ukraine continue to escalate, with several companies withdrawing from Moscow.
With the situation in Ukraine worsening, Binance has decided that operating in Russia is not aligned with its compliance strategy. The company’s Chief Compliance Officer, Noah Perlman, stated, “As we look toward the future, we recognise that operating in Russia is not compatible with Binance’s compliance strategy.”
The deal between Binance and CommEX does not include any financial details or ongoing revenue split. Binance will not maintain an option to buy back shares in the business.
Binance has reassured its existing Russian users that their assets are safe and that there will be an orderly process for the migration of users. The divestment process is expected to take up to one year.
CommEX, a centralized cryptocurrency exchange backed by crypto venture capitalists, recently launched its exchange on Tuesday. The company has not yet commented on the Binance deal.
In line with the conflict between Russia and Ukraine, many Western companies have taken similar actions, selling their Russian assets or transferring control to local management. These measures are in response to sanctions imposed over the war in Ukraine and the threat of foreign-owned assets being seized by the Kremlin.
Overall, Binance’s decision to sell its Russia business to CommEX demonstrates its commitment to compliance and its concern for the safety of its users’ assets in the midst of ongoing geopolitical tensions.
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