Binance is exiting Russia, but not in the way you’d expect. Announced on September 27, the crypto giant is selling its entire Russian operation to a newcomer, CommEX – the whole kit and caboodle. 🛑
But before you shame Binance for being in Russia this long, at least they got out (better late than never?). According to a Barrons’s article from January 2023, only 8.5% of Western companies had fully divested from Russia.
Unlike other companies that restructured in Russia due to Vlad’s invasion and genocide of Ukraine and its people, Binance is making a clean break. No revenue splits, no options to buy back shares. It’s a full exit.
Why? Regulatory hurdles, including a U.S. Department of Justice probe into their Russian activities, have made staying untenable. Noah Perlman, Binance’s Chief Compliance Officer, said, “Operating in Russia is not compatible with Binance’s compliance strategy.”
As far CommEX, no one knows the deets on the who, what, and where – but they did create their X account for the first time just this month. 🤔