Binance sells its Russian business, and CommEx taking over is more like changing vests?
According to an official announcement, Binance announced that it has reached an agreement to sell its entire Russian business to CommEX. To ensure a smooth transition for existing Russian users, the removal process will take up to a year. All assets of existing Russian users are protected safely and reliably. Going forward, Binance recognizes that conducting business in Russia is incompatible with Binances compliance strategy. Binance remains confident in the long-term growth of the global Web3 industry and will focus its efforts on the more than 100 other countries in which Binance operates.
CommEx taking over is more like changing vests
BlockBeats discovered that CommEX, the exchange that took over Binance’s Russian business, was officially launched yesterday evening. its officialTwitter accountIt was registered in September this year. As of the time of writing, there are only 102 followers, among which the only industry follower is CZ. The only tweet was published 20 hours ago. Secondly, the CommEX English official Telegram channel has less than 50 members.
Binance has exited many countries this year
Since this year, Binance has successively withdrawn from markets in many countries due to regulatory pressure.
BlockBeats reported on May 13 that Binance’s official account posted on social media that it would voluntarily withdraw from the Canadian market. Although the market in this region is small, as the homeland of Binacne’s founder, it has emotional value to Binance. Binance will return to the Canadian market when Canadian users once again have free access to a broader suite of digital assets.
In June, according to official news, Binance will no longer accept new users living in the Netherlands starting from the 16th. Starting from 08:00 Beijing time on July 17, 2023, Dutch resident users will only be able to withdraw assets from the Binance platform and will not be able to withdraw assets. Make further purchases, trades or deposits. Binance encourages users to take appropriate action to withdraw assets from their Binance accounts.
This afternoon, Binance Lianchuang He Yi published the latest article on the social platform to publicly respond to Binance’s withdrawal from the market.
“It should be noted that we need to more strictly consider KYC, compliance, EDD (due diligence), WCK (risk customer check), POA (authorized representative) and other matters in Binance’s operations, while many of our competitors There are no such strict requirements. In addition, as we discussed before, there are certain challenges in efficiency due to our larger scale. I have noticed that some employees become emotional rather than think rationally when faced with problems. However, We have experienced countless challenges over the past six years and this time is no exception. We are facing a new round of challenges, so it is crucial to reinvigorate the teams spirit.
Big-name exchanges have withdrawn from regional markets one after another
In addition to Binance, many cryptocurrency exchanges have also announced their withdrawal from multiple regional markets this year.
On September 14, Ben Zhou, CEO of cryptocurrency exchange Bybit, said that the UK’s new marketing rules that will take effect on October 8 may force Bybit to withdraw from the UK market. New UK marketing regulations stipulate that from October 8, cryptocurrency services will be classified as a high-risk investment category for UK marketing materials. All platforms globally will need to display clear risk warnings to UK customers and have any approval by an authorized company. Public promotions.
On September 11, Coinbase informed customers via email that it planned to stop providing trading services to Indian users after September 25 and recommended that funds in the account be withdrawn. Meanwhile, Coinbase has banned Indian users from signing up to its trading platform.
In response, Coinbase pointed out in response to Cointelegrahs inquiry that its email notification only targets customers who violate the platforms standards, not all Indian customers.
From Binance to coinbase, Bybit, etc., exchanges that once had a presence around the world are now choosing to withdraw from the local market due to regulatory issues, or choose to change their vests to continue looking for a way out. The game between national regulations and cryptocurrency exchanges may continue.
