Binance Continues Limited Services for Russian Users

Binance Russian Market Exit: Still Supporting Limited Users in 2024

Despite Binance announcing its complete exit from the Russian market in 2023, the crypto exchange is still serving a limited number of Russian clients.The company continues to support existing Russian users, ensuring that their digital assets remain safe. Binance emphasized that it strictly adheres to global sanctions regulations and fully complies with restrictions related to sanctioned individuals, entities, and countries.

Binance’s Compliance and Strategy in Russia

In 2023, Binance made the decision to exit the Russian market, selling its local operations to a new exchange called CommEx. Binance’s Chief Compliance Officer, Noah Perlman, stated that operating in Russia was incompatible with Binance’s compliance strategy, particularly with international sanctions and regulatory obligations. While financial details of the deal with CommEx were not disclosed, Binance stressed that compliance remains a top priority for the company, and it aims to build strong partnerships with law enforcement globally.

Though Binance has officially exited the Russian market, it continues to manage a limited number of Russian users. A spokesperson clarified that these services are provided to ensure users' digital assets remain secure. Binance’s Russian-language Telegram channel, which has around 130,000 subscribers, continues to post updates, including information on new token listings.

Russia’s Impact on Binance Traffic

Despite the exit, Russia has remained a significant source of traffic for Binance’s website. According to SimilarWeb analytics, Russia accounted for 6% of Binance’s total website traffic between August 2023 and July 2024, even though visits from Russia declined by 43% during this period. This puts Russia on par with other major markets like Turkey and Vietnam, which accounted for 8% and 6.6% of total traffic, respectively.

Binance declined to comment on whether the continued traffic from Russia means it is still actively operating in the country. However, the company confirmed that it is only serving a limited number of existing Russian users and will provide updates on any future plans.

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