In a recent move, cryptocurrency exchange Binance has announced that it is exiting the Russian market and selling its business to CommEX, a local cryptocurrency exchange. This move comes as the Russian government is increasingly tightening its regulations on cryptocurrency trading.

Binance is one of the world’s largest cryptocurrency exchanges, with a daily trading volume of over $1 billion. It is also one of the most popular exchanges in Russia, with over 1 million users. The exchange has been operating in Russia since 2018, but the country’s increasingly strict regulations have made it difficult for Binance to continue doing business there.

The Russian government is currently in the process of introducing a law that would require all cryptocurrency exchanges to register with the central bank and comply with anti-money laundering (AML) and know-your-customer (KYC) regulations. This law is expected to be implemented in 2021.

In light of this, Binance has decided to sell its business to CommEX, a local cryptocurrency exchange that is already registered with the central bank and compliant with AML and KYC regulations. CommEX will take over Binance’s operations in Russia, including its user base and trading platform.

This move by Binance is likely to have a positive impact on the Russian cryptocurrency market. By selling its business to a local exchange, Binance is helping to ensure that the Russian market remains compliant with the government’s regulations. This will help to create a more secure and stable environment for cryptocurrency trading in Russia.

It remains to be seen how this move will affect Binance’s global operations. However, it is clear that the company is taking steps to ensure that it remains compliant with the laws and regulations of the countries in which it operates. This is a positive sign for the future of cryptocurrency trading, as it shows that companies are willing to work within the framework of existing laws and regulations.