According to the official announcement, Binance has announced the sale of all its Russian operations to CommEX, and an agreement has been reached. In order to ensure a smooth transition for existing Russian users, the delisting process will take up to a year. All assets of existing Russian users are being securely protected. Looking ahead, Binance recognizes that conducting business in Russia is incompatible with Binance's compliance strategy. Binance remains confident in the long-term growth of the global Web3 industry and will focus its efforts on operating in over 100 other countries.
CommEx Takeover More Like "Changing Identity"
BlockBeats found that the exchange CommEX, which took over Binance's Russian business, officially went online last night. Its official Twitter account was registered in September of this year, and as of the time of writing, it has only 102 followers, with only one industry follower, CZ, and the only tweet was posted 20 hours ago. In addition, the English official Telegram channel of CommEX has fewer than 50 members.
Binance has exited multiple markets this year
Since the beginning of this year, Binance has been forced to exit multiple markets due to regulatory pressure.
BlockBeats reported on May 13 that Binance's official account posted on social media stating that it would voluntarily withdraw from the Canadian market. Although the market in that region is small, it holds emotional value for Binance as the home country of its founder. When Canadian users can once again freely access a wider range of digital assets, Binance will return to the Canadian market.
In June, according to official information, Binance stopped accepting new users residing in the Netherlands from the 16th, and from 08:00 on July 17, 2023 Beijing time, residents of the Netherlands will only be able to withdraw assets from the Binance platform and will not be able to make further purchases, trades, or deposits. Binance encourages users to take appropriate action to withdraw assets from their Binance accounts.
This afternoon, Binance co-founder He Yi posted a new article on social media in response to Binance's market exit.
"It should be noted that in our operations at Binance, we need to consider KYC, compliance, EDD (Enhanced Due Diligence), WCK (Risk Customer Check), POA (Power of Attorney), and other matters more strictly, while many of our competitors do not have such strict requirements. In addition, as we have discussed before, due to our large scale, there are certain challenges in efficiency. I have noticed that some employees tend to be emotional when facing problems, rather than thinking rationally. However, over the past six years, we have experienced countless challenges, and this time is no exception. We are facing a new round of challenges, so revitalizing the team's spirit is crucial."
Major exchanges have successively exited regional markets
In addition to Binance, many cryptocurrency exchanges have also announced their exit from multiple regional markets this year.
On September 14, Ben Zhou, CEO of the cryptocurrency exchange Bybit, stated that new marketing rules taking effect in the UK on October 8 may force Bybit to exit the UK market. The new marketing regulations in the UK stipulate that from October 8, cryptocurrency services will be classified as a high-risk investment category for UK marketing materials, and all platforms worldwide will need to display clear risk warnings to UK customers and have any public promotion activities approved by authorized companies.
On September 11, Coinbase notified customers via email that it plans to stop providing trading services to Indian users after September 25 and advised them to withdraw funds from their accounts. At the same time, Coinbase has already prohibited Indian users from registering on its trading platform.
In response, Coinbase stated in response to inquiries from Cointelegrah that its email notification "only applies to customers who violate platform standards, not all Indian customers."
From Binance to Coinbase, Bybit, and others, exchanges that once had a presence worldwide are now either choosing to exit local markets due to regulatory issues or are choosing to "change their identity" to continue seeking a way out. The game between various countries' regulations and cryptocurrency exchanges may continue.
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