Binance Serves Users Despite 2023 Exit, Sees 43% Decline in Russian Traffic

Binance continues to serve some Russian clients despite its
previous announcement of a full exit from the Russian market in 2023.

Yesterday (Wednesday), a Binance spokesperson confirmed to
Cointelegraph that the exchange maintains services for a limited number of
existing Russian users. This, they stated, is to ensure the security of their
digital assets.

Binance Confirms Sanctions Compliance

The spokesperson emphasized Binance’s adherence to global
sanctions and compliance with international regulations, “fully complies with
restrictions on individuals, entities, and countries subject to international
sanctions,” the representative said.

This statement comes nearly a year after Binance announced
it had exited the Russian market by selling its local operations to a new
exchange called CommEx. Details of the transaction were not disclosed in the
September 27, 2023, statement.

At the time of the sale, Binance’s Chief Compliance Officer,
Noah Perlman, indicated that remaining in Russia would have conflicted with the
firm’s regulatory strategy. Perlman said: “Operating in Russia is not
compatible with Binance’s compliance strategy.”

Telegram Channel Remains Active

In a more recent statement, Binance reiterated that
compliance remains a priority, and its goal is to develop robust programs in
collaboration with law enforcement agencies worldwide.

Following the transition of Binance’s Russian users to
CommEx, the new platform announced it would close operations entirely by April
2024. Despite being largely unknown before Binance’s exit, CommEx has never
provided details about its leadership or ownership.

Though Binance claims to have ended its business in Russia
last year, its Russian-language presence on social media has remained active.
The company’s Russian news channel on Telegram, with around 130,000 followers,
continues to share updates, including new token listings on Binance Launchpool.

🚨 Binance continues serving some Russian users despite its 2023 exit! 🪙 With 6% of traffic still from Russia, they’re committed to keeping assets secure. What’s next for the crypto giant? #Binance #CryptoNews pic.twitter.com/GQe4JXSVIa

— Nancy Gupta (@nancy_29_05) September 26, 2024

Russian Traffic Drop

Russia has been a significant market for Binance. Since its
exit announcement, visits to Binance’s website from Russia have decreased, with
a 43% drop between August 2023 and July 2024, according to web analytics
platform SimilarWeb. Despite this reduction, Russia remains one of Binance’s
major traffic sources, accounting for 6% of the platform’s total visits.

Binance declined to clarify whether the ongoing traffic from
Russia or services to certain Russian users suggest a continued presence in the
market. The spokesperson stated: “We continue to serve a limited number of
existing Russian users and will inform the community of future plans.”

This article was written by Tareq Sikder at www.financemagnates.com.
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