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Binance is heralded as one of the biggest cryptocurrency exchanges worldwide. It has now been reported that even though it officially exited the market in 2023, it still has an active Binance for Russians in some capacities.
“We continue to serve a limited number of existing Russian users to ensure their digital assets remain safe and secure,” a Binance spokesperson told Cointelegraph on Sept. 25.
Adherence to Compliance and Sanctions
The representative for Binance stressed the company’s commitment to complying with global regulations and sanctions. “We fully comply with restrictions on individuals, entities, and countries subject to international sanctions,” the spokesperson added. Binance’s compliance strategy is still in line with global regulatory standards, making sure that no international laws are being violated while it still works selectively for Russian clients.
According to the news sources, in September 2023, Binance declared the sale of its Russian operations to a new cryptocurrency exchange called CommEx. However, the financial details of the sale were not shared. Noah Perlman, Binance’s Chief Compliance Officer, allegedly stated that remaining operational in Russia was not possible while keeping up with the company’s compliance with international regulations.
“As we look toward the future, we recognize that operating in Russia is not compatible with Binance’s compliance strategy,” Perlman said.
Even with the exit, Binance reemphasized its priority on compliance in a statement to news sources, delineating its objective to build “industry-leading compliance programs” that actively work with law enforcement agencies across the globe.
CommEx Holds Operations in 2024
Although CommEx was brought to the market after Binance’s exit, the exchange was troubled with challenges not very long after. In April 2024, CommEx declared its closure, putting an end to operations in Russia just months after it was launched. The platform, which was comparatively unknown before taking over Binance’s Russian users, has supposedly stayed private about its leadership team and operational details.
Sources report that CommEx has refused any direct connection with Binance, but it did acknowledge that some of its employees had formerly worked for Binance Russia.
Even with Binance’s official exit, Binance for Russians has remained operational in specific aspects. The news channel of Binance for Russians on Telegram, holding 130,000 subscribers, is still active. This channel punctually informs Russian users about developments like new token listings on Binance Launchpool, hinting that the Russian community still has access to the platform.
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In January 2024, the Binance channel reportedly stated to Russian users living abroad that their access to Binance P2P services would not be changed on the condition that they could confirm their residency outside of Russia. “Access to Binance P2P for citizens of the Russian Federation who reside outside the Russian Federation and who have confirmed this via proof of address will remain unchanged,” the Telegram post stated.
Traffic Drop but Continued Presence in Russia
Ever since Binance declared its departure from Russia in 2023, the platform has undergone a sizeable decline in traffic from the country. Web analytics data from SimilarWeb showed that Binance’s traffic from Russia plummeted by a reported 43% between August 2023 and July 2024. However, Russia remains one of the top markets for Binance, adding to 6% of its total web traffic, a figure characteristic of markets like Turkey and Vietnam.
When asked about Binance for Russians and whether the traffic numbers depict ongoing business in the country, Binance refused to give a direct answer. Instead, the company reportedly talked about its continued support for a limited number of Russian users. “It only means that we continue to serve a limited number of existing Russian users. And we will inform the community of future plans,” a Binance spokesperson stated.
Takeaway
It is difficult to determine what the future might hold for Binance for Russians, but the company’s global objectives stay dynamic with complex regulatory ecosystems. Binance’s previous CEO, Changpeng Zhao, is also alleged to be freed from prison in the United States on Sept. 29. This makes the leadership situation of the company more volatile, at least for a while. Nevertheless, Binance is seemingly dedicated to being in tune with international sanctions while making sure that the security of digital assets for its remaining Russian users is uncompromised. Learn more about global developments in crypto with TheBITJournal.
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