Crypto giant Binance is selling its Russia business, citing compliance-related issues as the driver.
Binance is making a «full exit» out of the Russian market by selling its business in the country to CommEX – a cypto exchange that said it had just officially launched on Tuesday this week – according to a statement. The exit is expected to take one year to complete.
«As we look towards the future, we recognize that operating in Russia is not compatible with Binance’s compliance strategy,» said chief compliance officer Noah Perlman.
As of late, Binance has been facing regulatory pressure in various jurisdictions, most notably in the US. According to a «Bloomberg» report in May, the Department of Justice was reviewing claims that Russians had used Binance to avoid sanctions linked to Moscow’s invasion of Ukraine.
