Binance might have announced its “complete exit” from the Russian market, but its actions tell a different story.
A year after Binance declared its full withdrawal from Russia, the crypto exchange is still catering to a limited number of Russian clients. On September 25, a Binance spokesperson confirmed, “We continue to serve a limited number of existing Russian users to ensure their digital assets remain safe and secure.”
This comes despite earlier claims of a complete exit.
In 2023, Binance offloaded its Russian operations to a local exchange, CommEx, citing that Russia no longer aligned with its global compliance strategy. Yet, even as Binance assured regulators it’s playing by the rules, its Russian social media channels and presence remain active.
With 130,000 subscribers on its Russian-language Telegram channel, Binance continues to engage the local crypto community, promoting updates like token listings and peer-to-peer (P2P) trading access for Russians living abroad.
According to SimilarWeb, website traffic from Russia has taken a 43% nosedive between August 2023 and July 2024.
Also Read: CZ And Binance Face Class-Action Over Lost Assets
However, Russia still accounted for 6% of Binance’s total traffic during that period, rivaling Turkey’s 8% and Vietnam’s 6.6%. Though Binance remained tight-lipped about whether this indicates ongoing operations in Russia, its significant traffic suggests that its influence there hasn’t entirely faded.
CommEx, the platform that took over Binance’s Russian users, will officially shut down by April 2024, leaving a gap in the market. The mystery surrounding CommEx’s leadership, combined with its sudden rise and fall, only adds to the intrigue.
As Binance navigates complex regulatory landscapes, CEO Richard Teng recently revealed a major milestone—$100 trillion in all-time trading volume.
Meanwhile, former CEO Changpeng Zhao is expected to be released from U.S. prison on September 29. With so much in flux, Binance’s Russian connections remain as cryptic as ever.
Related: Binance CEO Fights To Free Detained Executive Amid Health Crisis In Nigeria
