Binance Re-evaluates Services, Plans for a ‘Full Exit’ from Russia

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Binance Re-evaluates Services, Plans for a ‘Full Exit’ from Russia
  • Binance is reassessing its services in Russia in light of the regulatory uncertainties.
  • The platform is considering the possibility of a complete withdrawal from the nation.
  • The crypto exchange has been under the scrutiny of regulators over the past few months.

According to a recent report dated August 28, the prominent crypto exchange Binance has been reassessing its services in Russia in light of the regulatory challenges. The Wall Street Journal revealed that the exchange is considering revolutionary changes including the possibility of a “full withdrawal” from the Russian crypto market.

Binance’s move came following the firm’s imposition of restrictions on fiat currency for Russian customers, indicating the platform’s plans to cease operations in the Russian Federation. The exchange also limited certain sanctioned financial institutions from trading on its peer-to-peer platform, along with stopping providing P2P services to sanctioned Russian banks. Subsequently, Binance came forward with its proposal to completely exit from Russia, as a spokesperson said, “All options are on the table, including a full exit.”

Renowned crypto reporter Colin Wu recently took to Twitter to announce Binance’s reevaluation of its operations in Russia. In addition, Wu also shed light on the first position held by the nation in terms of traffic among all Binance regions as well as most offshore exchanges. 

Binance has been embroiled in a series of regulatory hurdles including the lawsuit filed by the Securities and Exchange Commission (SEC). The prolonged legal battle even stood as a barrier to the platform’s vision of global expansion, as per a previous report. In addition, Binance has also been under the scrutiny of the US Department of Justice (DoJ) for allegedly violating US sanctions by permitting Russians to use the exchange.

In related news, Binance has been actively negotiating to open its branches in Uzbekistan, complying with the growing crypto-friendly regulations adopted by the Central Asian country. Earlier today, Wu shared a Twitter thread, highlighting the crypto exchanges including Binance, Huobi, and ByBit’s enthusiasm for obtaining a license in Uzbekistan. The reporter also wrote about the country’s expanding crypto market, with currently half a million citizens owning cryptocurrencies.