Binance, one of the world’s largest cryptocurrency exchanges, is withdrawing from Russia due to pressure from US regulators. This has led to the acquisition of Binance’s Russian operations by CommEx, a company that anticipates approximately one million customers to transition to its platform. However, not all of Binance’s Russian customers are expected to migrate to CommEx. Other exchanges such as ByBit, Huobi, Bitget, Kucoin, and Gand ate.io are likely to see a surge in user inflow. Anton Toroptsev, CommEX CEO, estimates that the influx to his platform will be about 1 million users. Initially, users can log in to CommEX using a Binance account with only basic Know Your Customer (KYC) information and login details being transferred. Full KYC data is expected to be transferable within a week.The pullout of Binance from Russia is primarily due to pressure from US regulators who have accused the exchange of money laundering and evading sanctions. Binance had gradually introduced restrictions for Russian users, including a ban on holdings exceeding $10,000 in their wallets and limiting transactions to rubles only. Sergey Mendeleev, the head of the InDeFi Smart Bank, believes that Binance is merely rebranding for a smoother operation in Russia. CommEX, despite its Russian acquisition, maintains its registration in Seychelles and focuses on Asia and the CIS. The metamorphosis of Binance’s operations in Russia offers a case study in adaptation and resilience.

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Information	Details
Geography	Europe
Countries	🇸🇨
Sentiment	neutral
Relevance Score	8
People	Dmitry Stepanin, Anton Toroptsev, Andrey Barkhota, Sergey Mendeleev, Roman Nekrasov
Companies	Kucoin, InDeFi Smart Bank., Huobi, CommEx, ByBit, Army, Bitget, Gand ate.io, Binance, ENCRY Foundation
Currencies	Russian Ruble, Ethereum, Bitcoin, US Dollar
Securities	None