Since Binance signed an agreement to sell its entire business operations in Russia to CommEX, CommEX’s transactions have decreased by up to 30% compared to the same period. In the context of ongoing legal challenges and sanctions in the Russian market, Binance has decided to exit this market. At that point, the global crypto giant collaborated with CommEX to guide the asset transfer. Some new registrations in Russia with “Know-Your-Customer” (KYC) verification have also been redirected to CommEX, gradually increasing over time.
Despite a series of support commitments, Russian users are trending towards seeking new platforms to replace their cryptocurrency trading activities. Simply put, the majority of customers choose Binance over CommEX. According to Dmitry Stepanin, CEO of CommEX, peer-to-peer (P2P) activities have significantly declined, fluctuating between 10% and 30%. Earlier this year, Binance had around 7,700 P2P transactions in rubles daily. This number decreased to 6,300 in the middle of the year and continued to drop to 3,400 in September. As of October 3, no data on ruble transactions on Binance has been recorded.
Dmitry Stepanin also mentioned that this period has seen many active marketing campaigns from other exchanges such as ByBit, Huobi, Bitget, Kucoin, and Gate.io, offering similar features to Binance and experiencing an increase in users and transaction volume.
Binance’s withdrawal from Russia is primarily due to pressure from US regulatory authorities. The exchange is currently facing allegations of money laundering and legal evasion, regardless of increasing sanctions against Russia by Western countries.
According to Sergei Mendeleev, CEO of InDeFi Smart Bank, he believes that Binance has not truly left the market. In reality, they have only changed their name to improve operations in Russia and reduce the attention from Western governments. The fact that Binance users are allowed to log in and trade on the CommEX platform through the Binance-CommEX link is clear evidence of his perspective.