Originally published on: September 26, 2024
Subheading: Discover How Binance Continues to Safeguard Digital Assets for Russian Clients
Cryptocurrency juggernaut Binance has made headlines by maintaining services for select Russian users even after declaring a complete exit from the Russian market in 2023.
Safeguarding Digital Assets for Russian Users
Acknowledging the importance of user security, a Binance spokesperson assured Cointelegraph on September 25 that the exchange is committed to serving a limited number of existing Russian clients to ensure the safety and security of their digital assets. Maintaining a strong focus on compliance, the spokesperson underlined that Binance strictly adheres to global sanctions regulations and fully abides by restrictions pertaining to individuals, entities, and countries subject to international sanctions.
A Year Since Binance’s Exit from Russia
It has been a year since Binance completed its full exit from the Russian market by transferring its local operations to a new exchange named CommEx. The financial details of this transition, which took place on September 27, 2023, remain undisclosed.
Emphasizing Compliance as a Top Priority
Highlighting their commitment to compliance, Binance reiterated its dedication to establishing industry-leading compliance programs that effectively cooperate with law enforcement agencies globally. The exchange’s goal is clear: to remain compliant while fostering a safe trading environment for all users.
CommEx’s Closure and Binance’s Continued Engagement
Following the migration of Binance’s Russian user base to its platform, CommEx announced its decision to cease operations completely by April 2024. Although CommEx distanced itself from any direct association with Binance, it acknowledged the presence of former Binance Russia employees within its team.
Vibrant Online Community
Despite Binance terminating its Russian services, its Russian community remains active on social media platforms. With over 130,000 subscribers on its Russian-language Telegram news channel, Binance continues to engage users by sharing updates on new token listings, even though trading has been discontinued for Russian users.
Sustained Online Presence Amid Declining Traffic
Despite a notable decrease in website visits from Russian users post-exit announcement, Binance’s Russian website remains a prominent traffic source, representing 6% of its total visits. Data from SimilarWeb reveals a 43% drop in website traffic in Russia from August 2023 to July 2024, indicating a mixed response to the company’s exit.
Future Outlook
As Binance CEO Richard Teng celebrated the exchange surpassing $100 trillion in all-time trade volume in September, the recent news of founder Changpeng Zhao’s anticipated release from U.S. custody on September 29 has garnered attention across the crypto industry.
Ultimately, Binance’s strategic decisions regarding its Russian operations reflect its ongoing commitment to user security and compliance, emphasizing the exchange’s resilience and adaptability in evolving regulatory landscapes.
