Binance Has Just Left Russia; Check The Details

It has been reported that Binance has just left Russia and here are the most important details that you should learn about the matter.

A major crypto exchange, Binance, has announced that it is selling its entire business operations in Russia to local exchange, CommEX.

This move will see Binance completely exit the Russian market, a process that is expected to take up to a year to ensure a seamless transition.

The decision to leave Russia was made because Binance believes that it is no longer compatible with their business model, although no specific reasons were given.

According to Noah Perlman, Binance’s Chief Compliance Officer, the company will focus on growing its business in over one hundred other countries where it operates, and remains confident in the long-term growth of the Web3 industry globally.

As part of the plan, CommEX’s trading platform will take over Binance user accounts and their assets, which are considered safe by the exchange.

The financial details of the sale are confidential, but it is worth mentioning that Binance will not be entitled to any profits from CommEX after the sale, nor will they be able to buy back shares of the company.

Bloomberg recently reported that the US Securities and Exchange Commission’s (SEC) request to examine the technical infrastructure of Binance’s American affiliate has been denied by a US federal magistrate judge.

The regulator had sought permission from Magistrate Judge Zia M. Faruqui on Monday to scrutinize Binance.US’s software. However, Faruqui turned down the proposal, stating that he was not inclined to allow the inspection “at this time.”

The judge instructed the regulator to submit more specific requests. The SEC’s primary objective behind wanting to scrutinize the software was to potentially establish more connections between Binance.US and Binance’s global firm, which currently holds the title for the world’s largest exchange by trading volume.