In September 2023, Binance proudly announced the end of its activities in Russia, a market that had become too complex to manage in the face of international sanctions. A year later, the reality seems more nuanced. Far from having completely turned the Russian page, Binance continues to offer its services to a “limited number” of Russian users, confirming that the official end does not always mark the practical end. This paradox raises questions about Binance's real strategy and its compliance management in a tense geopolitical context.
An announced release… but a contrasting reality
In 2023, Binance made a big splash by declaring that it was withdrawing from the Russian market, even selling its operations to a new platform, CommEx. The objective was clear: to escape an increasingly restrictive environment while scrupulously respecting international sanctions.
Noah Perlman, head of compliance at Binance, insisted that operating in Russia had become “incompatible” with the company’s strategy. However, the facts are there: Binance has never completely cut ties.
A Binance spokesperson recently confirmed this to Cointelegraphexplaining that the platform continues to serve a limited number of existing Russian users. This choice is justified by the desire to protect the digital assets of these customers.
In other words, Binance no longer officially operates in Russia, but still takes care to secure its users' funds, creating an intriguing legal gray area. So, is Binance really gone? Or is it a more subtle strategy to maintain a foothold in a crucial market?
CommEx, an ephemeral solution to replace Binance?
The exit of Binance gave birth to CommEx, a previously unknown platform, presented as the new benchmark for Russian users.
However, CommEx ceased operations in April 2024, leaving users in uncertainty. Despite the denials of direct links between CommEx and Binance, it is difficult not to see certain continuities. Some former Binance Russia employees have joined this new entity, fueling speculation about a possible bridge between the two platforms.
Behind this complex transition, Binance has remained silent on the question of possible maintenance of hidden services in Russia. Users themselves are torn between confusion and skepticism. Officially, transactions are no longer accessible for Russian citizens.
However, access to certain services, such as the P2P trading platform, remains open for Russians living abroad, reinforcing the idea of a partial rather than absolute withdrawal.
Binance's shadow still looms large, with Russian subscribers continuing to follow the news on social media, including via the official Telegram channel. Although the company has physically left the country, its digital presence remains palpable, raising questions about how it manages Russian users while respecting current sanctions.
A Russian market still strategic for Binance?
Although Binance has officially left Russia, it has not completely disappeared from the radar of Russian Internet users.
According to SimilarWeb, Russia still represented 6% of Binance's total traffic in July 2024, down certainly, but still significant. In comparison, key markets like Turkey or Vietnam show similar figures, proving that despite sanctions, Russia remains a significant source of traffic for Binance.
This situation raises a key question: Has Binance really left the Russian market or has it simply adapted its strategy to circumvent the difficulties while respecting, to some extent, legal obligations? By continuing to discreetly serve a handful of users, the platform shows a certain flexibility, even ambiguity in its positioning. Meanwhile, the dollar and yuan are collapsing.
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