Russia sees crypto crime spike; Binance exits over compliance concerns. source: https://coinpaprika.com/news/russia-reports-surge-in-crypto-fraud

Russia’s central bank has revealed that nearly half of the country’s financial fraud schemes last year used cryptocurrencies and foreign currencies for payments. According to the Central Bank of Russia report, a total of 5,735 entities involved in fraudulent activities were identified in 2023. This number increased by 15.5% compared to the number of fraud schemes recorded in 2022. Cryptocurrencies and foreign currencies were the preferred payment methods for fraud, accounting for 20% of the payment amount. 45%. (Crypto.news)

The Russian Ministry of Finance has proposed a new proposal for issuing cryptocurrencies produced from mining activities. Continue Reading: New Cryptocurrency Move from Russia! source: https://en.bitcoinsistemi.com/new-cryptocurrency-move-from-russia/

According to data released by the Russian cryptocurrency exchange CommEX, its P2P daily trading volume has reached 90 million rubles since its launch, the number of users has exceeded 200,000, and P2P trading volume has increased by 460% in the past month. (Forklog) According to previous news, Binance has reached an agreement with CommEX to sell all its operations in Russia. To ensure a smooth transition for existing Russian users, the termination process will last one year. Binance will stop Russian Ruble (RUB) deposits at 00:00 UTC on November 15, 2023 (08:00 Beijing time). Withdrawals of Russian rubles will last until 00:00 UTC on January 31, 2024 (08:00 Beijing time). Users holding Russian ruble legal balances can transfer funds to the CommEX platform for free, register a CommEX account or log in to a CommEX account, and link the corresponding Binance account. Once the connection is complete, users can transfer Russian rubles on Binance to CommEX. Additionally, users can withdraw Russian Rubles through Binance’s fiat partners, exchange Russian Rubles to cryptocurrencies on Binance Convert, or exchange Russian Rubles to cryptocurrencies on the Binance Spot Market until the deadline mentioned above.

Russian Finance Minister Anton Siluanov announced that the pilot phase of the digital ruble will be expanded next year to include the implementation of specific budget expenditures. The country’s central bank digital currency (CBDC) is planned to be used to settle specific types of budget expenditures. Since the digital ruble CBDC law was approved by President Putin, the digital ruble pilot was launched in August this year, with 13 banks currently participating. The pilot will focus on specific purpose funding, including social payments and subsidies, to purchase or pay for services. The Russian government is also studying the use of digital rubles for international payments as part of a CBDC settlement network, and announced that it will cooperate with the United Arab Emirates to develop a payment system based on digital rubles. (bitcoin.com)

Odaily Planet Daily reported that CZ issued an article on the is normal. Some former Binance CIS team members may join their team, or have already done so. We think this is a good thing. CommEx’s design, API, etc. are similar to Binance. The reason why we require this design, is to ensure a smooth user experience. CommEx does not serve US or EU users. CommEx has implemented IP and KYC blocking. This is a term we require in transactions. I am not their actual beneficial owner (UBO) , nor does it own any shares. There is no buyback option in this transaction. (A Google search seems to show that some companies such as Mercedes, McDonald's, and Nissan have buyback options in Russian business sale transactions. But this is not the case with Binance in this way.)" According to previous news, Binance has reached an agreement with CommEX to sell all its operations in Russia. To ensure a smooth transition for existing Russian users, the termination process will last one year. All assets of existing Russian users are safe and reliably protected. The user migration process will occur sequentially. Binance and CommEX will collaborate to inform users on how to migrate assets to CommEX. The new user registration part for Russian KYC certification will be redirected to CommEX immediately and will be gradually expanded. Over the next few months, Binance will gradually cease all trading services and business lines in Russia. Every effort will be made to maintain a smooth user experience during the transition period. While the financial details of the transaction will not be made public, it is important to note that with this sale, Binance exits the Russian market entirely. Unlike similar deals in Russia by other international companies, Binance will not receive an ongoing revenue share from the sale, nor will it have any option to buy back shares in the business.

Odaily Planet Daily News CZ posted on the X platform that we will do our best to ensure a smooth transition. All user funds are safe. Additionally, BNB holders will continue to enjoy a 25% discount on trading fees on CommEX. According to previous news, Binance has reached an agreement with CommEX to sell all its operations in Russia. To ensure a smooth transition for existing Russian users, the termination process will last one year.

Odaily Planet Daily News According to an official announcement, Binance has reached an agreement with CommEX to sell all its operations in Russia. To ensure a smooth transition for existing Russian users, the termination process will last one year. All assets of existing Russian users are safe and reliably protected. Noah Perlman, Chief Compliance Officer of Binance, said: “Going forward, we recognize that operating in Russia is not consistent with Binance’s compliance strategy. We remain confident in the long-term growth of the global Web3 industry and will focus our efforts on more than 100 other countries and regions.” The user migration process will occur sequentially. Binance and CommEX will collaborate to inform users on how to migrate assets to CommEX. The new user registration part for Russian KYC certification will be redirected to CommEX immediately and will be gradually expanded. Over the next few months, Binance will gradually cease all trading services and business lines in Russia. Every effort will be made to maintain a smooth user experience during the transition period. While the financial details of the transaction will not be made public, it is important to note that with this sale, Binance exits the Russian market entirely. Unlike similar deals in Russia by other international companies, Binance will not receive an ongoing revenue share from the sale, nor will it have any option to buy back its shares in the business.

The scalable blockchain MultiversX integrates Binance payment infrastructure provider Binance Connect. Users can enter the MultiversX ecosystem through the Binance Connect deposit solution, which is now available in the xPortal application, MultiversX wallet, buy.multiversx.com and Available in Chrome and Firefox).