CZ Clarifies the Migration Process Following Binance’s Exit from Russia

There will likely be cross-platform crypto transactions when Russian consumers make the switch to CommEx.

Binance CEO Changpeng Zhao clarified the company’s transfer of its Russia operations to CommEx, a digital asset exchange that opened on September 26 and is backed by crypto venture capitalists.

According to Zhao, some cross-platform crypto transfers will occur to relocate money when Russian users switch to CommEx. He recalled similar exchanges occurring during earlier integration tests.

The CEO has also addressed the possibility that some departing Finance employees would join CommEx to help with the change. In his email, he said, “We think that is a good thing,” explaining that doing so would help provide a positive customer experience.

So, Zhao claims that CommEx is quite similar to Binance in terms of building and API. He reaffirmed that, under the terms of the sales deal, CommEx would not provide services to customers in the United States or Europe, and that the exchange had enacted the necessary IP and KYC barriers.

When comparing Binance’s clean separation with the conditional withdrawals of other multinational corporations, Zhao said clearly that he had no ownership share in CommEx and no alternatives to buy the Russia company in the future.

Binance’s withdrawal from the Russian market is described in detail, including the technicalities and the restrictions, in a tweet. As the transition continues, Zhao confirmed that Binance no longer has any presence in Russia.

The cryptocurrency exchange Binance has joined the growing list of companies leaving Russia by announcing it would sell its operations there to the newly established CommEX. Assets will be safeguarded throughout the user migration which may take up to a year as part of the sale process.

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