Binance continues to serve some Russian clients despite its previous announcement of a full exit from the Russian market in 2022.
Yesterday (Wednesday), a Binance spokesperson confirmed to Cointelegraph that the exchange maintains services for a limited number of existing Russian users. This, they stated, is to ensure the security of their digital assets.
Binance Confirms Sanctions Compliance
The spokesperson emphasized Binance’s adherence to global sanctions and compliance with international regulations, “fully complies with restrictions on individuals, entities, and countries subject to international sanctions,” the representative said.
This statement comes nearly a year after Binance announced it had exited the Russian market by selling its local operations to a new exchange called CommEx. Details of the transaction were not disclosed in the September 27, 2023, statement.
At the time of the sale, Binance’s Chief Compliance Officer, Noah Perlman, indicated that remaining in Russia would have conflicted with the firm’s regulatory strategy. Perlman said: “Operating in Russia is not compatible with Binance’s compliance strategy.”
Telegram Channel Remains Active
In a more recent statement, Binance reiterated that compliance remains a priority, and its goal is to develop robust programs in collaboration with law enforcement agencies worldwide.
Following the transition of Binance’s Russian users to CommEx, the new platform announced it would close operations entirely by April 2024. Despite being largely unknown before Binance’s exit, CommEx has never provided details about its leadership or ownership.
Though Binance claims to have ended its business in Russia last year, its Russian-language presence on social media has remained active. The company’s Russian news channel on Telegram, with around 130,000 followers, continues to share updates, including new token listings on Binance Launchpool.
Russian Traffic Drop
Russia has been a significant market for Binance. Since its exit announcement, visits to Binance’s website from Russia have decreased, with a 43% drop between August 2023 and July 2024, according to web analyticsplatform SimilarWeb. Despite this reduction, Russia remains one of Binance’s major traffic sources, accounting for 6% of the platform’s total visits.
Binance declined to clarify whether the ongoing traffic from Russia or services to certain Russian users suggest a continued presence in the market. The spokesperson stated: “We continue to serve a limited number of existing Russian users and will inform the community of future plans.”
This article was written by Tareq Sikder at www.financemagnates.com.
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