Cryptocurrency exchange Binance (BNB-USD) is exiting Russia by selling its business in the sanction-hit country to CommEX. The offboarding process for Russian users, though, will take up to a year.
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The company is planning to shut down all exchange services and business lines in Russia over the next few months. Noah Perlman, the Chief Compliance Officer at Binance, acknowledged that the move comes as continuing business in Russia is not compatible with the company’s compliance strategy.
CommEx, a new trading platform, was officially launched yesterday. Troubles at Binance, the largest crypto exchange globally, have been brewing for a while now. The company is being investigated by multiple agencies, including the U.S. Securities and Exchange Commission, the Commodity and Futures Trade Commission, and the U.S. Justice Department.
Further, Binance has seen multiple high-profile exits over the past few months and slashed its headcount by nearly 1,500. Amid these sagging fortunes, trading volumes at the exchange have plummeted. In addition, according to a Wall Street Journal report, some company executives believe the exit of Binance’s co-founder, Changpeng Zhao, could potentially improve the chances of the company’s survival.
Is BNB Coin a Good Buy?
The price of BNB-USD has plummeted to the present $214 level thanks to the recent challenges. Importantly, $200 is a key multi-year support zone for BNB-USD. Any move below this level could potentially mean a sharp correction.
Meanwhile, the crypto bellwether Bitcoin (BTC-USD) is up 2% to $26,700 today and remains nearly 37.7% higher over the past year.
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