Binance is bidding farewell to the Russian market, selling its business subsidiary in the nation to CommEX. While this exit process will unfold over the next year, Binance has assured its Russian users that their funds will remain unaffected.
In a statement released on September 27, 2023, Binance highlighted its plans to gradually phase out all exchange services and business operations in Russia during this transition to ensure a smooth experience for its users. The exchange will offer guidance to users on transferring their assets to CommEX and redirect new users who have completed know-your-customer (KYC) registration to the new entity.
The exchange did not disclose the specific terms of this agreement. Still, it confirmed that its departure from Russia signifies a complete exit from the market, with no plans to retain any share of the sale proceeds or an option to repurchase business shares.
Noah Perlman, Binance’s chief compliance officer (COO), cited the incompatibility of the exchange’s compliance strategy with the current regulatory landscape in Russia as the primary reason for exit. However, Perlman emphasized that Binance remains optimistic about the long-term growth potential of web3 and will refocus its efforts on its operations in over 100 other countries.
On a different note, Binance made a significant comeback in Belgium three months after suspending its operations. The exchange has announced a full resumption of services for Belgian customers.
Dear Binancians 🇧🇪
We are delighted to announce that as of today, new registrations of Belgian residents are welcome on our platform once again.
In addition, various Binance products and services are accessible again to Belgian users who have accepted our new Terms of Use.
— Binance België (@binanceflemish) September 25, 2023
According to an official announcement posted on September 26, 2023, Binance has already reinstated access to specific products and services as of September 25, 2023, for its Belgian customers who have accepted the new Terms of Use.
This development comes after Belgium’s Financial Services and Markets Authority (FSMA) ordered Binance to halt its cryptocurrency exchange and custody services in the country back in June 2023. FSMA accused Binance of providing these services in Belgium while operating from non-European Economic Area countries.
However, by the end of August 2023, Binance revealed that it had resolved to continue serving its Belgian customers through its Polish entity. The exchange noted that Binance Poland could serve customers from Belgium in compliance with local regulatory requirements as it’s a registered virtual assets service provider (VASP) in an EU member state.
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