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Binance Continues Serving Limited Russian Users Despite 2023 Exit, Cites Asset Security Despite Binance’s official exit from the Russian market in 2023, the world’s largest cryptocurrency exchange continues to provide services to a limited number of Russian users, prioritizing asset security, according to a report by Cointelegraph. While Russian traffic to Binance’s website has significantly dropped, with a 43% decline from August 2023 to July 2024, Russia still accounts for 6% of total visits to the platform. Binance’s continued service to some Russian users highlights the complexities of exiting a market where a substantial number of users still rely on the exchange for the security and storage of their digital assets. The company has reaffirmed its commitment to global sanctions compliance and promised to keep the community informed about its future plans in relation to the Russian market. Binance’s 2023 Exit from Russia In 2023, Binance made the decision to exit the Russian market as part of its broader effort to comply with international sanctions. The move followed increasing regulatory pressure and the imposition of global sanctions against Russia due to geopolitical tensions, including the Russia-Ukraine conflict. At the time, Binance was one of the most popular cryptocurrency platforms in Russia, serving millions of users. The decision to leave the Russian market was seen as a necessary step for Binance to align with the growing list of global sanctions, which have targeted various sectors, including financial services. However, despite the exit, Binance has continued to offer limited services to Russian users, particularly those related to asset security and ensuring that funds are not lost during the transition. Decline in Russian Traffic but Continued Presence According to data from Cointelegraph, Russian traffic to Binance’s website fell by 43% between August 2023 and July 2024, indicating a marked reduction in user engagement…

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Filed under: News - @ September 26, 2024 3:24 pm