Binance, which is the world’s largest cryptocurrency exchange, has announced that it is leaving the Russian market.
Binance said that it is stopping all exchange services and business operations in Russia and plans to sell its Russian assets to CommEX, a local Russian company started only a day ago.
The exit from Russia comes shortly after media reports surfaced that accused Binance of helping customers move funds out of sanctioned Russian bank accounts.
CommEX refers to itself on its website as a “top-tier crypto venture capitalist,” though the Russian company only appeared 24 hours ago.
Crypto exchanges such as Binance have become the main pathway for Russian individuals and businesses to move money in and out of the country.
Many Russian banks have been cut off from international payment systems following the invasion of Ukraine.
Binance is led by Canadian entrepreneur Changpeng Zhao (CZ). The crypto exchange faces multiple regulatory investigations and lawsuits concerning its practices and owner.
Currently, Binance is a privately held company. Its stock does not trade on a public exchange.
