As of today, the price of BNB is USD 215.85, and it has a trading volume of USD 367,855,763 over the last 24 hours. In the past day,
BNB has seen a 1.15% increase in value. BNB is ranked #4 on CoinMarketCap with a market cap of USD 33,207,460,173. There are 153,846,798 BNB coins in circulation, and the maximum supply is unknown.
Binance, a cryptocurrency exchange, has ceased its exchange services and business operations in Russia. This decision was made due to the company’s compliance strategy, which is incompatible with operating in Russia.
Binance has signed a sales agreement with Commex and will instead focus its efforts on the other 100+ countries in which it operates. Despite this move, the company remains confident in the continued growth of the Web3 industry worldwide.
Both mechanisms above contribute to the value and stability of the $LINQ token
📌TOKENOMICS$LINQ is the native utility token of the LINQ ecosystem that powers the platform's features and functions.
— Miichael_ (@michaelnduka69) September 29, 2023
Breaking News: BNB to Exit Russian Market Completely
BNB has announced that it will be completely withdrawing from Russia. The crypto exchange has sold its entire Russian business to Commex, a centralized cryptocurrency exchange supported by top-tier crypto VC. To ensure a smooth process for existing Russian users, the off-boarding process will take up to one year.
Due to some stringent rules, Binance has entered into an agreement to sell the entirety of its Russia business to CommEX.
Calma, there’s nothing to worry about as it would be a smooth transition and funds will be safe. pic.twitter.com/wSDCQqY0LY
— Loretta Crypto (@LorettaKrypto) September 27, 2023
However, the financial details of the deal will remain undisclosed. It is important to note that Binance will not have any ongoing revenue split from the sale, nor does it have any option to buy back shares in the business.
Binance CEO Changpeng Zhao has stated that Commex does not service U.S. or EU users and has IP and KYC blocks. This is a term that Binance requested to ensure a smooth user experience.
As we look toward the future, we recognize that operating in Russia is not compatible with Binance’s compliance strategy.
Perlman expressed confidence in the continued growth of the Web3 industry globally and stated that Binance would shift its focus to the numerous other countries where it operates. Binance is available in over 100 countries, although only 45 are explicitly listed on their website.
As part of their new policy, Binance will redirect some newly registered Russian users’ KYC information to Commex, with plans to expand this practice.
Over the next several months, Binance will sunset all exchange services and business lines in Russia.
- Binance Resumes Sign-ups and Restores Full Service in Belgium
- Turkish Lira Dominates a Whopping 75% of Binance’s Fiat Trades
- Binance Contemplates Departure from Russia, Limited Choices Ahead for Russian Users