Cryptocurrency exchange Binance has announced that it will be fully exiting Russia by selling its local business to a new exchange, CommEx. Little is known about CommEx’s founders or background, but the exchange was launched on Sept. 26, 2023, and is registered in Seychelles. It supports 25 trading pairs, including stablecoins and Binance’s BNB cryptocurrency. CommEx initially supports peer-to-peer (P2P) transactions in Russia, and will launch spot trading of USDT against Russia’s fiat currency, the ruble, once fiat channels are live. It is already listed on CoinMarketCap, a major crypto tracking website which Binance acquired in April 2020.Binance has stated that it is optional for users to move over to CommEx, and that users can withdraw their funds to another platform if they’d like. Russia KYC’d new users registration will be redirected to CommEX, and Binance will sunset all exchange services and business lines in Russia over the next several months. The spokesperson also said that it’s unlikely that Binance’s contactless payment tool Binance Pay will continue to work with CommEx.The announcement has triggered speculation in the local crypto community regarding the owners of Binance’s successor in Russia. Some users have found similarities in the layouts of Binance and CommEx’s websites, while others said that CommEx was a “full copy” of Binance’s website. Among some of the similarities, one may observe significant resemblances between Binance and CommEx’s privacy notices as well as other website pages like terms of use. CommEx’s location restrictions page also reads similarly to Binance’s.

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Information	Details
Geography	Europe
Countries	🇺🇸 🇸🇨
Sentiment	neutral
Relevance Score	9
People	SimilarWeb, CoinGecko, Vladimir Putin, CoinMarketCap, Changpeng Zhao
Companies	Binance, Tether USDT, CoinGecko, CoinMarketCap, CommEx
Currencies	Ethereum, COMDEX, BNB, Russian Ruble, Bitcoin, Tether
Securities	None