Binance has continued offering its services to Russian users despite announcing a departure in 2023.
An exchange representative told Cointelegraph: “We continue to serve a limited number of existing Russian users to ensure their digital assets remain safe and secure.” Let’s discover more how Binance is doing this.
Binance Reaffirms Compliance with International Sanctions After Exiting Russia
The spokesperson added: “Binance fully complies with restrictions on individuals, entities, and countries subject to international sanctions.” Binance officially left the Russian market in 2023. At the time, the company’s chief compliance officer, Noah Perlman, explained that they couldn’t keep operating there while following the rules.
Although Binance claimed to have fully left the market, the company still maintains a strong presence in Russia, especially on social media. A local Telegram channel for Russian users reportedly has over 100,000 subscribers. Reports claim Binance continues to share token listings and other updates via the channel.
🚨 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
Despite its active presence in the Russian market, Binance has seen a huge decline in the number of visits to its Russian website. Visits to the local site dropped by 43% between August 2023 and July 2024.
Binance Hits New Milestone
This news follows an announcement by Binance’s CEO, Richard Teng, that the exchange reached a total trade volume of $100 trillion in September. This figure puts the exchange ahead of significant financial benchmarks, such as the total market capitalization of the S&P 500.
Fun fact: Earlier this month, the all-time trade volume on #Binance surpassed $100 trillion! 🎉
Through the highs and lows, Binance will keep building. Because our users only deserve the best.
Thank you for your trust and support! 🤝
— Richard Teng (@_RichardTeng) September 24, 2024
While the number is noteworthy, it comes at a time when Binance faces ongoing scrutiny over its operations in various markets. Despite its achievements, questions about regulatory compliance and market presence continue to shadow the exchange.
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