Binance, the world’s largest crypto exchange, is exiting Russia, following a sale of its Russia-based operation to a newly-established crypto exchange named CommEX. The company was created on Tuesday, a day before the announcement. Binance will not have a 50-50 shared revenue split with the new company. “Unlike similar deals from international companies in Russia, Binance will have no ongoing revenue split from the sale, nor does it maintain any option to buy back shares in the business,” the company said. According to Binance, the shift was prompted by compliance hurdles. “As we look toward the future, we recognize that operating in Russia is not compatible with Binance’s compliance strategy,” said Binance’s Chief Compliance Officer Noah Perlman. The governments of the U.S. and various European countries sanctioned Russia for the invasion of Ukraine in February 2022, weakening the country’s ability to use both traditional fiat currencies and digital currencies like bitcoin, ether, and stablecoins to transact with citizens around the world. Many Russians are now blocked from many traditional crypto exchanges. “It’s impossible to send money from Russian banks to European ones,” Russian activist Olga Shkolina told Marketplace.
Full story : World’s largest crypto exchange exiting Russia amid war with Ukraine.
