Binance is a blockchain exchange founded in 2017 in China

[tanjimajuha20]

As stated in the legal documents of the CommEX crypto exchange, it is owned by CommEX Holding Ltd, a company registered in the Seychelles.

Binance announced the sale of assets and exit from the Russian market on Wednesday, September 27. "As we look to the future, we recognize that operating in Russia is not compatible with Binance's compliance strategy. We remain confident in the long-term growth of the Web3 industry globally and will focus our efforts on the 100+ other countries in which we operate," said Binance Chief Compliance Officer Noah Perlman.

The exchange announced that canada whatsapp resource to ensure a smooth transition from one exchange to another, the process of disabling Binance services for Russians will take up to a year. At the same time, Binance emphasized in the message that "all assets of Russian users are safe and secure."

"There will be a streamlined user migration process. Binance and CommEX will work together to inform users on how to migrate their assets to CommEX. New user registrations that have completed KYC (know your customer, the procedure for identifying and verifying the identity of the client - ComNews note ) in Russia will be redirected to CommEX. Over the next few months, Binance will close all exchange services and business lines in Russia. Every effort will be made to ensure a smooth user experience during this transition," the company said in a statement.

At the same time, Binance claims that as a result of the deal, it will completely leave Russia. "Unlike similar deals with international companies in Russia, Binance will not have a permanent distribution of proceeds from the sale, nor will it have the ability to buy out shares in the business," Binance emphasizes.

What is what

that has grown into a crypto platform that allows you to trade cryptocurrency, invest it in other financial products, and withdraw it to bank accounts or as cash. The company accounts for about half of all cryptocurrency transactions worldwide - the exact size of the share varies depending on the relationship with regulators.

Binance was founded and led by former Wall Street futures software developer Changpeng Zhao. According to DefiLlama, Binance is the world’s largest holder of customer-facing crypto assets, with $59.2 billion in reserves.

At the same time, Binance consists of several national companies in different countries of the world, each of which operates only in a limited territory in accordance with local legal regulations. For example, in most EU countries it is represented by the Irish company Binance (Services) Holdings Ltd, in the UK it operates as Nest Services Ltd (Seychelles), and in some European countries it has subsidiaries Binance France SAS, Binance Italy SRL, Binance Spain SL, Binance Nordics AB (Sweden), Binance Poland sp. z oo (Poland). Reuters claims that the parent company of the Binance holding is located in the Cayman Islands, but Binance itself denies this, saying that it does not have a headquarters at all.

In July 2021, the State Hermitage Museum of Russia reached an agreement with the Russian division of Binance to create and issue NFT (Non-Fungible Token) tokens, allowing one to own digital copies of works from its collection, which would allow integrating Russian NFTs into the global market, despite the lack of a legislative framework for this within the country.